Fintech company specialising in cross-border payments Skydo has announced that it has secured USD 5 million in a pre-Series A funding round. The round was led by existing investor Elevation Capital, and the newly raised capital will be used to expand the company’s operations and improve its risk monitoring and compliance systems.

This latest funding follows a USD 5.2 million seed round also led by Elevation Capital in 2022. Skydo has also submitted an application for the Cross-Border Payment Aggregator licence to the Reserve Bank of India (RBI). According to business-standard.com, the company processes transactions for over 6,000 Indian small and medium-sized business exporters.

The same source reveals that, since its inception, Skydo has processed payments totalling more than USD 100 million. The platform’s technology integrates with six global banks and international payment systems, allowing customers to receive payments in 32 currencies from markets including the United States, United Kingdom, Canada, Singapore, United Arab Emirates, and Europe. Who does Skydo work with? Skydo’s clientele includes enterprises, micro, small, and medium enterprises (MSMEs), and freelancers.

The company’s co-founder and CEO highlighted the growing importance of efficient cross-border payment systems as India aims for USD 2 trillion in exports by 2030. He also noted that Skydo is committed to making these transactions as cost-effective as possible, emphasising the company's focus on providing a transparent and user-friendly platform for international payments. Officials from Elevation Capital expressed confidence in Skydo’s potential to enhance how businesses manage international transactions, stating that the company is poised to deliver significant value to SMBs and enterprises.

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