Skydo, a cross-border payments platform catering to enterprises, MSMEs, and freelancers, has raised $5 million in its pre-Series A funding round, led by existing investor Elevation Capital. This marks a significant milestone for the company, following its earlier seed round in 2022, where it secured $5.2 million, also led by Elevation Capital.
The newly acquired funds will be utilized to expand operations and bolster Skydo’s risk monitoring and compliance capabilities, according to a press release by the company.
Skydo, founded in 2022 by Srivatsan Sridhar and Movin Jain, offers a tech-driven platform that provides innovative services such as real-time tracking of cross-border payments. This feature allows customers to monitor the entire payment journey, ensuring transparency and efficiency. The platform supports a range of payment methods, including payment links, cards, and bank transfers, and features a savings calculator designed to help freelancers and exporters identify hidden costs associated with foreign transactions.
The platform has gained traction, currently processing payments for over 6,000 Indian SMB exporters and handling over $100 million in transactions since its inception. Skydo seamlessly connects six global banks and multiple international payment systems, enabling customers to collect payments in 32 currencies from major markets like the US, UK, Canada, Europe, Singapore, and the UAE, which collectively account for 80-90% of remittance inflows into India.
Skydo operates under the Reserve Bank of India’s (RBI) Online Payment Gateway Service Provider (OPGSP) framework, which is the primary payment method for over 300,000 MSME exporters across India. The company has also applied for the Cross-Border Payment Aggregator (PA-CB) license from the RBI, aiming to further solidify its position in the cross-border payments landscape.
