Skydo receives RBI final nod for cross border payments

MUMBAI: Skydo has received final authorisation from the RBI in India to operate as a Payment Aggregator-Cross Border, enabling it to expand regulated cross-border payment services for Indian exporters. The Bengaluru-based cross-border payments platform is among the first fintechs to receive the PA-CB licence. It serves over 30,000 MSMEs, freelancers, and startups across more than 50 cities and supports collections in over 32 currencies. The platform allows exporters to collect locally from overseas clients through flat-fee pricing, no markup on live mid-market FX rates, and faster settlements. It provides instant access to compliance documents through integrations with partner banks and offers accounts-receivable tools including invoicing, payment reminders, ledgering, and ERP or accounting integration. Srivatsan Sridhar, co-founder and CEO, said, the licence would deepen trust with small and medium businesses and enterprise customers and global banking and payments partners as payment volumes scale and products and corridors expand. After receiving the authorisation, the company plans to deepen product offerings and expand coverage across additional trade corridors. It has introduced local payment acceptance in challenging corridors such as Africa and offers value-added services including invoicing, analytics, and payment reminders. The firm recently raised $10 million in a Series A round led by Susquehanna Asia Venture Capital, with participation from Elevation Capital, taking total funding to $20 million. It is targeting $5 billion in annualised payment volumes by 2027.