Skydo secures RBI licence to offer cross-border payments

Skydo Technologies, a cross-border payments company, has received in-principle authorisation from the Reserve Bank of India (RBI) to operate as a Payment Aggregator-Cross Border (PA-CB) entity. The Bengaluru-based startup joins the likes of Cashfree, who secured this licence last year.

Launched in 2022, Skydo currently serves over 12,000 exporters in India, processing more than $250 million in annual export payments. The RBI nod will help it offer simplified cross-border payments for Indian exporters.

Skydo caters primarily to small and medium businesses selling products and services globally. Partnering with banks worldwide, it provides solutions for invoicing, payments, and reconciliation.


“We plan to scale our payments volume by 10 times over the next 18-24 months, expand to support import payments, and build out more trade corridors globally,” said Srivatsan Sridhar, cofounder of Skydo.

The Bengaluru-based fintech also plans to expand its scope of operations from payments to credit, tax compliance, treasury services and such.

Additionally, Skydo has secured Payment Service Provider (PSP) approval from Amazon, enabling it to process payments for exporters participating in Amazon's Global Selling program.

Since its inception, Skydo has raised $9.7 million in equity funding led by Elevation Capital. It offers virtual foreign accounts for businesses and freelancers, enabling seamless payment processes with reduced forex charges.