Funding · Financial Services

Skydo raises $5M in pre-Series A round

By Startup Enthusiast · 12 August 2024

What they do

Skydo helps Indian small exporters collect payments from 32 currencies across six global banks

It raised $5M in pre-Series A funding led by existing investor Elevation Capital

The company aims to process $750M by 2025 and has applied for a cross-border payment license

Skydo raised $5M in a pre-Series A round.
The round was led by existing investor Elevation Capital.
The company will use the funds to scale operations, strengthen risk monitoring and compliance, and expand internationally.
Skydo targets processing $750M in payments by 2025.
It has over 6,000 Indian small and medium business exporters as customers.
Since inception, it has processed over $100M in total payments.
The platform connects six global banks and multiple international payment systems.
It enables collection in 32 currencies from the US, UK, Canada, Europe, Singapore, and UAE.

Skydo operates under the RBI's OPGSP (Online Payment Gateway Service Provider) framework.
It has applied for a Cross-Border Payment Aggregator (PA-CB) license from the RBI.
The platform offers real-time tracking of cross-border payments.
It supports payment methods including payment links, cards, and bank transfers.
A savings calculator shows hidden costs of foreign transactions.
The markets it covers account for 80-90% of remittance inflows into India.

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.