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Skydo has secured the licence from the Reserve Bank of India (RBI) to function as a Payment Aggregator-Cross Border
Apart from Skydo, other players like Cashfree Payments, Amazon Pay, and Adyen India secured the PA-CB licence from the RBI last year
Skydo aims to scale its payment volumes by tenfold over the next 18-24 months and plans to expand its services to include import payments and additional trade corridors globally
Cross-border payment startup Skydo has secured the licence from the Reserve Bank of India (RBI) to function as a Payment Aggregator-Cross Border (PA-CB) entity.
The company said this authorisation strengthens Skydo’s commitment to creating compliant, seamless, cost-effective payment solutions for Indian exporters.
The licence will enable the startup to process cross-border online transactions for the import and export of goods and services.
Apart from Skydo, other players like Cashfree Payments, Amazon Pay, and Adyen India secured the PA-CB licence from the RBI last year.
Skydo aims to scale its payment volumes by tenfold over the next 18-24 months and plans to expand its services to include import payments and additional trade corridors globally.
On the RBI’s nod, Skydo’s cofounder and CEO Srivatsan Sridhar, said, “As an Indian fintech startup with global ambitions, we are thrilled to receive this approval. We plan to scale our payments volume by 10X over the next 18-24 months, expand to support import payments, and build out more trade corridors globally.”
“Starting with payments, we will extend our offerings to credit, tax compliance, treasury services and Export Data Processing and Monitoring System (EDPMS) reconciliation. Together, these products will be a comprehensive cross-border financial operating system for any exporter. By bringing cross-border payments into the Payment Aggregator framework, RBI has enabled companies like us to build superior technological products and power the international ambitions of Indian businesses,” said Skydo cofounder Movin Jain.
Founded by Jain and Sridhar in 2022, Skydo is a cross-border payment startup which enables businesses to open international accounts (collection accounts) with the help of its global banking partners. Skydo claims to have catered to over 12,000 exporters, processing more than $250 Mn in annual export payments.
Last year, Skydo bagged $5 Mn (around INR 41 Cr) in its Pre-Series A funding round from existing backer Elevation Capital and other undisclosed angel investors.
The Bengaluru-based startup then intended to deploy the fresh capital in scaling its operations and strengthening risk monitoring and compliance stacks. In future, the company plans to introduce several first-to-market offerings for India’s growing MSME export sector.
