Skydo raises $5 Mn led by Elevation Capital

Skydo, a cross-border payments platform for enterprises, MSMEs and freelancers, has raised $5 million in its pre-Series A round led by existing backer Elevation Capital. 

Earlier in 2022, Skydo had raised $5.2 million in a seed round led by Elevation Capital.

The new proceeds will be used to ramp up operations and continue to strengthen its risk monitoring and compliance, Skydo said in a press release.

Founded in 2022 by Srivatsan Sridhar and Movin Jain, Skydo’s tech-led platform offers innovative services such as real-time tracking of cross-border payments, allowing customers to monitor the entire payment journey. It supports various payment methods, including payment links, cards, and bank transfers. The platform's savings calculator provides freelancers and exporters with insights into the hidden costs of foreign transactions.

Skydo currently processes payments for over 6,000 Indian SMB exporters and claims to have processed payments of over $100 million since its inception. It connects six global banks and multiple international payment systems seamlessly, enabling customers to collect payments in 32 currencies from key markets such as the US, UK, Canada, Europe, Singapore, and the UAE, which account for 80-90% of remittance inflows into India. 

Operating under the RBI’s OPGSP (Online Payment Gateway Service Provider) framework, which currently serves as the primary payment method for over 300,000 MSME exporters across India, Skydo has also applied for the Cross-Border Payment Aggregator (PA-CB) license from the RBI.