Set up in 2022, Skydo serves over 12,000 exporters in India, managing more than $250m in export payments each year. Credit: LookerStudio/ Shutterstock.

Indian cross-border payments company Skydo Technologies has secured in-principle authorisation from the Reserve Bank of India (RBI) to operate as a payment aggregator-cross border (PA-CB) entity, reported The Economic Times. 

Skydo Risk & Compliance head Awadhesh Ranjan said: “The RBI in-principle authorisation is a testament to our compliance-first culture, secure systems and robust risk controls.” 

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Skydo CEO and co-founder Srivatsan Sridhar added: “As an Indian fintech start-up with global ambitions, we are thrilled to receive this approval. We plan to scale our payments volume by 10x over the next 18-24 months, expand to support import payments, and build more trade corridors globally,” reported The Hindu Business line. 

Skydo focuses mainly on small and medium-sized businesses that sell products and services internationally.  

Through partnerships with global banks, the company provides various solutions such as invoicing, payment processing, and reconciliation services. 

Set up in 2022, Skydo serves over 12,000 exporters in India, managing more than $250m in export payments each year. 

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The company plans to broaden its operations, expanding into areas such as credit, tax compliance, and treasury services. 

 
Skydo has obtained Payment Service Provider (PSP) approval from Amazon, allowing it to facilitate payments for exporters participating in the Amazon Global Selling programme. 
 
Since its launch, Skydo has secured $9.7m in equity funding, led by Elevation Capital. The company provides virtual foreign accounts for businesses and freelancers, streamlining payment processes while minimising forex costs.