Skydo, a Bengaluru-based cross-border payments platform, has received in-principle authorization from the Reserve Bank of India (RBI) to operate as a Payment Aggregator-Cross Border (PA-CB) entity. This makes Skydo one of the first companies in the cross-border payments sector to achieve this milestone.
The approval marks a significant step in Skydo’s mission to make cross-border payments seamless, compliant, and cost-effective for Indian exporters. Since its inception in 2022, Skydo has facilitated over $250 million in annual export payments, serving more than 12,000 exporters across India.
Empowering Indian Exporters
Skydo primarily caters to small and medium businesses (SMBs) selling goods and services globally. Its comprehensive platform offers features such as transparent pricing with no markup on live mid-market forex rates, instant KYC through digital onboarding, dedicated customer support, and expedited settlements. The platform also ensures smooth regulatory compliance by providing instant Foreign Inward Remittance Advice (FIRA).
By partnering with leading global banks, Skydo simplifies invoicing, payments, and reconciliation for its customers, reducing forex charges by over 50%. Its innovative offerings, including foreign virtual accounts, enable businesses and freelancers to receive payments without additional taxation or compliance challenges.
Scaling Operations and Expanding Services
Armed with RBI authorization, Skydo plans to scale its payment volume tenfold within the next 18-24 months. The company also aims to expand its services to include import payments, develop global trade corridors, and introduce new financial solutions for India’s growing MSME export sector. Upcoming offerings will encompass credit, tax compliance, treasury services, and Export Data Processing and Monitoring System (EDPMS) reconciliation.
Strategic Partnerships and Future Growth
Skydo has also recently achieved Payment Service Provider (PSP) approval from Amazon, allowing it to process payments for Indian exporters participating in Amazon’s Global Selling program. This partnership further strengthens its position in the cross-border payments ecosystem.
With $9.7 million in equity funding led by Elevation Capital, Skydo is well-positioned to drive innovation in the sector. The company’s focus on cost-effective, hassle-free solutions for exporters aligns with India’s broader efforts to boost MSME participation in the global market.
As Skydo continues to innovate and scale, its vision of revolutionizing cross-border B2B payments for Indian businesses remains firmly in sight.
