Cross-border payments fintech Skydo raises $5 mn from Elevation Capital
Source: Business Standard
Cross-border payments fintech Skydo on Tuesday raised $5 million in a pre-Series A round led by the firm’s existing investor Elevation Capital.
The company will use the raised funds to expand its operations and invest in its risk monitoring and compliance systems.
The firm had previously raised $5.2 million in a seed round led by Elevation Capital in 2022.
The company said it has applied for the Cross-Border Payment Aggregator (PA-CB) licence from the Reserve Bank of India (RBI).
It processes transactions for over 6,000 Indian small and medium business (SMB) exporters. The fintech company claims to have processed payments of over $100 million since it launched operations in 2022.
The platform’s technology connects six global banks and international payment systems to enable customers to receive payments in 32 currencies from markets such as the United States (US), United Kingdom (UK), Canada, Singapore, United Arab Emirates (UAE), and Europe.
“As India targets $2 trillion in exports by 2030 and the gig economy continues to expand, we’re focused on making cross-border payments as cost-effective as possible. Skydo’s unique selling proposition (USP) is putting our customer at the centre of a radically transparent, simple, and convenient platform to receive international payments,” said Srivatsan Sridhar, co-founder and chief executive officer (CEO), Skydo.
The company serves enterprises, micro, small and medium enterprises (MSMEs), and freelancers, among other clients.
“We are confident that Skydo will drive significant improvements in how businesses handle international transactions and deliver unmatched value for SMBs and enterprises. We look forward to supporting them in their mission to streamline global financial operations and set new benchmarks in the payments sector,” said Mridul Arora, partner, Elevation Capital.
First Published: Aug 13 2024 | 4:58 PM IST
