Skydo has secured 10 million dollars in a Series A round led by Susquehanna Asia Venture Capital with support from existing investor Elevation Capital. The funding comes at a time when interest in cross border payments startups is rising again.
The company plans to use the new capital to expand local collection capabilities in more than 20 countries, secure international licences and strengthen card and compliance infrastructure. Cofounder Movin Jain told a common noun, “With this capital, we now have the confidence to invest in the US market, build a team there, and really double down on our global expansion journey.”
The Bengaluru based fintech says it serves more than 30000 MSMEs, freelancers and startups across over 50 cities. It processes payments in 32 currencies. In December 2024, the company raised 5 million dollars in a pre Series A round led by Elevation Capital.
Skydo was founded in 2022 by Srivatsan Sridhar, former head of business at OLA, and Jain, former head of payments product at PhonePe. The startup has received in principle authorisation under the PA CB regime, allowing it to handle both collections and payouts for exporters.
Earlier, many Indian exporters relied on banks or global platforms such as PayPal, Wise and Payoneer to receive payments. These options often involved currency mark ups, fees and longer compliance steps. Skydo says its platform offers transparent pricing, faster settlement and tools for invoicing, documentation and reconciliation.
Jain said, “Our revenue has grown about four times in the last year, and we are projecting a similar trajectory. We are on track to reach five billion dollars in annualised payment volume within two years.” Skydo said it grew four times in the past year and is targeting 5 billion dollars in annualised payment volume within two years. The fresh capital will also help build developer focused APIs for SaaS firms, marketplaces and fintech companies that want to embed global payment rails.
India is seeing regulatory activity in the cross border payments space. Razorpay recently received approval under the PA CB framework, while other payment aggregators are working through compliance. More RBI approvals under this framework have created a small pool of regulated players.
Along with Skydo, Pine Labs recently received the PA CB licence. Razorpay also secured this authorisation in December, allowing it to process both inward and outward cross border payments. Other players with similar permissions include PayGlocal, which received final approval for two way cross border transactions.
Skydo’s latest funding reflects continued investor interest in Indian companies building infrastructure for global commerce. Bhavanipratap Rana, Investment Advisor to Susquehanna Asia VC, said, “India’s evolving cross border payment landscape, with the introduction of the new PA CB framework, demands high quality, focused players with a technological edge. Skydo’s focus on solving the real costs of cross border transactions, opacity, time, compliance risk, and working capital blockage is a clear differentiator.”
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