RBI Grants Skydo Final Nod for Cross-Border Payments Expansion
Overview
Skydo secured final authorization from the Reserve Bank of India to operate as a Payment Aggregator-Cross Border. This significant regulatory approval allows the Bengaluru-based fintech to legally expand its regulated cross-border payment services, benefiting Indian exporters. The company aims to capture a larger market share by offering competitive pricing and efficient services to its growing base of MSMEs and startups.
RBI Authorizes Skydo for Cross-Border Payments
MUMBAI – Skydo has officially received the final authorization from the Reserve Bank of India to function as a Payment Aggregator-Cross Border (PA-CB). This crucial regulatory clearance enables the Bengaluru-based fintech platform to legally expand its regulated cross-border payment services, directly benefiting Indian exporters.
The company stands among the first fintech firms to achieve this Payment Aggregator-Cross Border license. Skydo currently serves over 30,000 MSMEs, freelancers, and startups across more than 50 Indian cities. Its platform facilitates collections in over 32 currencies, offering exporters flat-fee pricing and mid-market FX rates without markups, alongside faster settlement times.
Enhanced Services and Future Growth
Skydo provides exporters with instant access to compliance documents, integrating with partner banks. Its accounts-receivable tools include sophisticated invoicing, payment reminders, ledgering, and seamless ERP or accounting software integration. This comprehensive suite aims to streamline financial operations for small and medium businesses.
Srivatsan Sridhar, co-founder and CEO of Skydo, emphasized that the license will foster deeper trust with their customer base and global banking partners as payment volumes and service corridors expand. The firm plans to enhance its product offerings and broaden its reach into challenging markets like Africa, alongside introducing value-added services such as advanced analytics.
Funding and Ambition
This regulatory milestone follows Skydo's recent $10 million Series A funding round, led by Susquehanna Asia Venture Capital, bringing its total funding to $20 million. The company has set an ambitious target of processing $5 billion in annualized payment volumes by 2027, signaling strong growth projections in the cross-border payment sector.
