Funding · Financial Services
Skydo raises $5-6 million seed round
By Startup Enthusiast ·
- Date
- Company
- Skydo
- What it does
- Cross-border payment platform for SMBs
- Kind
- Funding
- Amount
- $5-6 million
- Stage
- seed
- Founded
- 2022
- Sector
- Financial Services
What they do
Skydo helps small businesses receive payments from overseas clients
What happened
It raised $5-6 million in seed funding led by Elevation Capital
Why it matters
The four-month-old startup plans to capture significant market share
The details
- Skydo has raised $5-6 million in seed funding.
- The round was led by Elevation Capital.
- A couple of other venture capital firms also participated, but their names were not disclosed.
- The company is four months old.
- Skydo provides an online platform for businesses to receive payments from overseas.
- It offers real-time payment tracking.
- The platform simplifies banking operations, documentation management, and workflow automation.
The bigger picture
- Traditional cross-border remittance methods like SWIFT and correspondent banking charge transaction fees of 0.3% to 20%.
- Competitors include EximPe, Salt, and Payglocal.
- EximPe raised $3.5 million in April 2022, and PayGlocal raised $15 million from Tiger Global.
About the business
- Skydo targets SMBs and MSMEs that need to receive payments from overseas businesses.
- The platform offers real-time payment tracking and simplifies banking operations.
What happens next
- Skydo may look for a new fundraise in the future.
- The company is eyeing significant market share.
The deal
- Type
- seed
Investors
- Elevation Capital (lead)
Founders
- Srivatsan Sridhar, founder
- Movin Jain, founder
About Skydo
- Product
- border payments startup
- Customers
- Indian MSMEs, exporters, freelancers, and startups that invoice and receive payments from overseas clients.
- How it makes money
- Charges transparent flat fees per transaction with zero foreign exchange markups.
- What sets it apart
- Provides zero forex markup with live mid-market exchange rates and automated compliance filings like FIRA.
More on Skydo
- Skydo gets Canadian payment licence, first Indian firm to do so23 June 2026 · Policy
- Skydo gets RBI and GIFT City approvals20 May 2026 · Policy
- Skydo gets RBI licence for cross-border payments9 January 2026 · Policy
- Skydo raises $10 million Series A9 December 2025 · Funding · $10M
- Skydo gets RBI approval as payment aggregator for cross-border21 January 2025 · Launch
- Skydo raises $5M in pre-Series A round12 August 2024 · Funding · $5M