Launch · Financial Services

Skydo gets RBI approval as payment aggregator for cross-border

By Startup Enthusiast · 21 January 2025

What they do

Skydo is a Bengaluru-based cross-border payments platform for Indian exporters and freelancers

It received in-principle RBI authorization as a Payment Aggregator-Cross Border entity and Amazon PSP approval

The company processes over $250 million annually and plans to scale volume tenfold in 18-24 months

Skydo received an in-principle authorization from the Reserve Bank of India to operate as a Payment Aggregator-Cross Border (PA-CB) entity.
It is among the first companies in the cross-border payments sector to receive this PA-CB authorization.
Skydo also secured Payment Service Provider (PSP) approval from Amazon for its Amazon Global Selling program.
The company is a Bengaluru-based cross-border payments platform for Indian exporters, including SMBs and freelancers.
It was founded in 2022.
Skydo processes over $250 million in annual export payments.
It serves over 12,000 exporters in India.
The platform reduces forex charges by over 50% and offers transparent pricing with no markup on live mid-market rates.

Only five entities have final PA-CB approval so far, including Adyen India and Amazon Pay.
About 11 existing cross-border payment companies can operate as PA-CB with applications under process.
This approval positions Skydo among a small group of regulated cross-border payment aggregators in India.

Skydo is a cross-border payments platform for Indian exporters (SMBs and freelancers).
It offers transparent pricing with no markup on live mid-market forex rates, instant KYC digital onboarding, dedicated customer support, fast settlements, and instant FIRA issuance.
It reduces forex charges by over 50%.
It provides foreign virtual accounts for receiving payments without additional taxation or compliance burdens.
It partners with leading global banks for invoicing, payments, and reconciliation.
It has raised $9.7 million in equity funding led by Elevation Capital.

Scale payment volume tenfold within the next 18-24 months.
Expand to support import payments and build global trade corridors.
Introduce offerings in credit, tax compliance, treasury services, and EDPMS reconciliation.

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.