Cross-border payments platform Skydo raised $5 M Pre-series A funding from Elevation Capital
The pre-Series A funding round for Skydo, a cross-border payments platform for businesses, MSMEs, and independent contractors, brought in $5 million, with Elevation Capital serving as the lead investor.
Elevation Capital led a seed round that raised $5.2 million for Skydo earlier in 2022.
According to a press release from Skydo, the additional funds will be utilized to expand operations and fortify the company’s risk monitoring and compliance.
Established in 2022 by Movin Jain and Srivatsan Sridhar, Skydo’s technologically advanced platform provides inventive services like real-time tracking for cross-border payments, enabling clients to keep an eye on the complete payment process. Bank transfers, cards, and payment links are just a few of the payment options it accepts. Freelancers and exporters can learn about the hidden costs of international transactions with the help of the platform’s savings calculator.
Since its founding, Skydo has allegedly processed payments totaling more than $100 million for more than 6,000 Indian SMB exporters. Six international banks and several international payment systems are seamlessly connected by it, allowing customers to receive payments in 32 currencies from important markets like the US, UK, Canada, Europe, Singapore, and the UAE, which together account for 80–90% of India’s remittance inflows.
Skydo has applied for a Cross-Border Payment Aggregator (PA-CB) license from the RBI. Skydo operates under the RBI’s OPGSP (Online Payment Gateway Service Provider) framework, which presently acts as the primary payment method for over 300,000 MSME exporters throughout India.