Skydo Technologies Private Limited, a leading cross-border payments company, has received in-principle authorization from the Reserve Bank of India (RBI) to operate as a Payment Aggregator-Cross Border (PA-CB) entity. Skydo is among the first companies in the cross-border payments space to receive this authorization.
This further strengthens Skydo’s mission of making cross-border payments compliant, seamless and cost-effective for India’s exporters. Skydo started operations in 2022 and currently serves over 12,000 exporters in India, processing over USD 250 million in annual export payments.
“The RBI in-principle authorization is a testament to our compliance-first culture, secure systems and robust risk controls”, said Awadhesh Ranjan, Head of Risk & Compliance at Skydo. Skydo’s customers are small and medium businesses selling a range of products and services to customers globally. Skydo partners with leading banks across the world and provides a comprehensive solution to manage their invoicing, payments and reconciliation.
Key features include transparent pricing and fees with no markup on live mid-market forex rates, digital onboarding with instant KYC, dedicated customer support, fast settlements, and streamlined regulatory compliance with instant issuance of Foreign Inward Remittance Advice (FIRA).
“As an Indian fintech startup 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 out more trade corridors globally,” said Srivatsan Sridhar, Co-Founder and CEO of Skydo.
Looking ahead, Skydo plans to introduce several first-to-market offerings for India's growing MSME export sector. “Starting with payments, we will extend our offerings to credit, tax compliance, treasury services and Export Data Processing and Monitoring System (EDPMS) reconciliation.
Together, these products will be a comprehensive cross-border financial operating system for any exporter. By bringing cross-border payments into the Payment
Aggregator framework, RBI has enabled companies like us to build superior technological products and power the international ambitions of Indian businesses,” said Movin Jain, Co-founder of Skydo.
The Bengaluru based fintech has also recently secured Payment Service Provider (PSP) approval from Amazon, enabling it to process payments for exporters participating in Amazon's Global Selling program.
About Skydo
Skydo is a fintech startup based out of Bangalore on a mission to make cross-border B2B payments hassle-free & reduce forex charges for businesses by more than 50%. Skydo has raised 9.7 million USD in equity funding so far led by Elevation Capital.
By partnering with leading banks across the globe, Skydo provides businesses and freelancers with their own foreign virtual accounts for receiving payments - without any taxation or compliance burdens. Businesses can sign up in just a few minutes through Skydo’s online dashboard, allowing them to grow their export business without the hassles typically associated with receiving payments.