Skydo raises USD 10M as it targets growth in cross-border payments

Skydo, a Bengaluru-based cross-border payments platform serving Indian exporters, has raised USD 10 million in Series A funding led by Susquehanna Asia Venture Capital, with participation from existing investor Elevation Capital.

The company currently works with more than 30,000 MSMEs, freelancers and start-ups across over 50 cities, processing payments in more than 32 currencies. Skydo was among the first firms to receive the Reserve Bank of India’s in-principle authorisation as a Payment Aggregator, Cross Border (PA-CB).

India aims to reach USD 2 trillion in exports of goods and services by FY30, driven by a rapidly expanding base of MSMEs and digital-first businesses. However, exporters continue to face significant challenges, including 3–7% revenue loss due to hidden foreign exchange mark-ups and fees, slow settlement timelines, and extensive documentation and compliance requirements that can take weeks or months.

Skydo positions itself as a financial operating system for exporters, allowing customers to collect payments locally in multiple countries, with flat-fee pricing and shorter settlement windows. The platform also generates compliance documents such as FIRA and offers invoicing, payment reminders and accounting integrations.

In a statement, Srivatsan Sridhar, co-founder and CEO, said the latest investment would support the company’s efforts to expand its payments and compliance infrastructure. Co-founder Movin Jain added that the firm intends to broaden its international presence and obtain regulatory licences in additional markets.

Investors expressed confidence in the company’s approach to addressing gaps in cross-border payments, particularly around transparency, compliance and working-capital delays. They noted the significance of India’s new PA-CB regulatory framework, which aims to improve oversight of players handling international transactions.

Skydo’s customers describe improvements in cost predictability and administrative processes. Some noted that the platform has reduced their reliance on bank-negotiated foreign exchange rates and helped streamline cross-border billing and reconciliation.

The company reports fourfold growth over the past year and is targeting USD 5 billion in annualised payment volume within two years.

The new funding will be directed towards expanding local collection capabilities in additional regions, including Latin America, Africa, South-East Asia and the Middle East. Skydo also plans to secure regulatory approvals in key global markets, upgrade its card-acceptance infrastructure, and enhance its compliance and reconciliation tools. In addition, it intends to develop a wider suite of APIs and webhooks to enable SaaS companies, fintechs and marketplaces to integrate its payment systems more easily.