Skydo raises $10 Mn in Series A led by Susquehanna Asia VC

Bengaluru-based cross-border payments platform Skydo has raised $10 million in its Series A round led by Susquehanna Asia Venture Capital, with participation from existing investor Elevation Capital.

Skydo has raised $19.7 million in equity funding so far, led by Elevation Capital, including a $5 million round in August last year.

The new proceeds will be used to expand local collections across more than 20 new countries in Southeast Asia, the Middle East, Africa, and Latin America. 

Founded by Srivatsan Sridhar and Movin Jain, Skydo allows exporters to receive payments through local collections across multiple countries, along with flat-fee pricing, zero forex markups, and 24-hour settlement. 

The platform also automates compliance documentation such as FIRA and offers tools for invoicing, reminders, and accounting integration.

Skydo currently serves over 30,000 MSMEs, freelancers, and startups across more than 50 cities. 

The platform processes transactions in over 32 currencies and was among the first companies to receive the Reserve Bank of India’s in-principle approval under the Payment Aggregator–Cross Border (PA-CB) framework.

The company claims it has grown its payment volume fourfold over the past year and is now targeting $5 billion in annualised transaction volume within the next two years.