Cross-border payments platform Skydo has raised $5 million in a pre-Series A funding round led by existing investor Elevation Capital.
The funds will enable Skydo to rapidly scale operations and continue to strengthen its risk monitoring and compliance. The company will utilise these funds to expand internationally and supercharge global payments seamlessly for MSMEs, enterprises and freelancers engaged in global business.
The company claimed that it currently processes payments for over 6,000 Indian SMB exporters and has processed payments of over $100 million since its inception.
Skydo’s platform connects six global banks and multiple international payment systems seamlessly, enabling customers to collect payments in 32 currencies from key markets such as the US, UK, Canada, Europe, Singapore, and the UAE, which account for 80-90% of remittance inflows into India.
“We are excited to build Skydo at a time when India’s manufacturing and services exports are growing at an unprecedented rate and help small businesses scale globally. As India targets USD 2 trillion in exports by 2030 and the gig economy continues to expand, we’re focused on making cross-border payments as cost-effective as possible. Skydo’s USP is putting our customer at the centre of a radically transparent, simple and convenient platform to receive international payments,” said Srivatsan Sridhar, Co-Founder and CEO, Skydo.
Founded in 2022 by Srivatsan Sridhar, Skydo is awaiting the payment aggregator cross-border licence from the Reserve Bank of India (RBI), and currently supports small businesses and freelancers in accepting payments from outside India.
Cross-border payments are expensive and difficult to track as typically many jurisdictions are involved.. Skydo offers a dashboard for businesses to track the money movement across geographies and also helps them track how much they are saving in terms of hidden fees.