Skydo, a cross-border payments platform for exporters, has raised $10 million in a Series A funding round led by Susquehanna Asia Venture Capital, with participation from existing investor Elevation Capital.
The fresh funds raised will be used to expand its local collections across 20+ countries in Latin America, Africa, Southeast Asia and the Middle East.
The funds will also be used to enhance its technology stack, obtain regulatory licenses in key international markets and scale Skydo Payment Links (InstaLinks) to enable card acceptance for more exporters at half the cost of legacy gateways.
Founded in 2022 by Srivatsan Sridhar and Movin Jain, Skydo allows exporters to receive payments through local collections across multiple countries, along with flat-fee pricing, zero forex markups, and 24-hour settlement.
By partnering with leading banks across the globe, Skydo is building the financial Operating System for Indian exporters to collect payments locally from clients across countries. These payments are then processed at zero forex fees, transparent flat-fee pricing and 24-hour settlement. The platform instantly generates compliance documents like FIRA, and provides a full suite of accounts receivable tools like invoicing, payment reminders and accounting integration.
Skydo provide businesses with their own foreign virtual accounts for receiving payments, without any taxation or compliance burdens.
The Bengaluru-based company serves over 30,000 Indian MSMEs, freelancers, and startups across 50+ cities, processing payments in 32+ currencies.
Skydo was among the first to receive the Reserve Bank of India’s In-Principle authorisation as a Payment Aggregator – Cross Border (PA-CB).
Skydo grew 4X in the past year and is targeting $5 billion in annualized payment volume within two years.
Srivatsan Sridhar, co-founder and CEO of Skydo, said, “Indian exporters are second to none in their global ambition. Skydo aims to enable them with world world-class payment infrastructure built from India for the world. This funding fuels our mission to build the financial operating system for global commerce – from collections, payouts, card acceptance, compliance automation, and accounting reconciliation.”
Movin Jain, co-founder of Skydo, said, “We’re demonstrating that India has the talent, compliance muscle, and regulatory clarity to build global financial infrastructure from here, for the world. With this round, we aim to expand our global footprint and secure payment licences in key geographies.”
Bhavanipratap Rana, Investment Advisor to Susquehanna Asia VC, “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. We are excited to partner with a company that meets the high bar for technological and risk capabilities set by the regulator, and we believe their model is perfectly suited to capturing high-volume B2B business.”
Mridul Arora, Partner, Elevation Capital, said, “Since partnering with Skydo at their inception, we have been incredibly impressed by the team’s speed, execution, and unwavering product focus. They have done a stellar job scaling the platform 4X in the last year alone, building what is truly a customer-centric international payments powerhouse. We are thrilled to support this next phase of growth as Skydo continues to dismantle barriers and make global trade friction-free and seamless for Indian exporters.”
