Cross Border Payments Fintech Skydo Raises USD 10 Mn in Series A for Expansion The Bengaluru-based company said the fresh capital will support its plans to expand local collection capabilities in more than 20 countries, strengthen card and compliance infrastructure and secure additional international licences.
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Cross border payments fintech Skydo has secured USD 10 million in a Series A funding round led by Susquehanna Asia Venture Capital, with participation from existing investor Elevation Capital.
The Bengaluru-based company said the fresh capital will support its plans to expand local collection capabilities in more than 20 countries, strengthen card and compliance infrastructure and secure additional international licences.
Skydo also plans to begin operations in the United States, establish offices there and apply for a licence to serve customers in that market.
With this round, Skydo's total funding has reached nearly USD 20 million. In December 2024, the company raised USD 5 million in a pre Series A round led by Elevation Capital.
Founded in 2022 by Movin Jain, formerly with PhonePe, and Srivatsan Sridhar, previously with Ola and McKinsey, Skydo offers a B2B cross border payments platform that enables Indian businesses to receive international payments efficiently through virtual foreign accounts, simplified forex processes and quick INR conversion along with free FIRCs.
The company claims to work with more than 30,000 MSMEs, freelancers and startups across over 50 cities and processes payments in 32 currencies. It has also received in principle approval from the Reserve Bank of India to operate as a payment aggregator cross border. Skydo aims to achieve USD 5 billion in annualised payment volume within two years.
Apart from expanding globally, the startup plans to introduce new features to its product suite, widen its distribution network and invest further in product development. India's cross border payments sector is moving through a phase of regulatory change, with several companies receiving approvals under the Payment Aggregator Cross Border framework in recent months.
Recently, approvals were granted to Razorpay, Pine Labs and PayGlocal, creating a focused cohort of regulated players in the cross border payments space.
