Revolutionizing Cross-Border Payments with Skydo 🌐
Skydo, a cutting-edge startup in the cross-border payment industry, has recently secured $5 million in funding through an equity round led by Elevation Capital, with participation from angel investors. This latest infusion of funds marks the second round of equity funding for Skydo, following a successful $5 million raise in its initial institutional round in 2022.
Expanding Payment Solutions Globally 🚀
- Skydo is currently in the process of obtaining a payment aggregator cross-border license from the Reserve Bank of India (RBI).
- The platform caters to small businesses and freelancers, facilitating their ability to receive payments from international sources.
“Our ultimate goal is to venture into facilitating payouts from India and collaborating with larger enterprises to manage all their cross-border payment needs,” expressed Srivatsan Sridhar, the CEO of Skydo.
Exploring More Opportunities 🌍
- Skydo is considering applying for a payment aggregator license from the RBI to expand its services to include domestic merchant payment solutions.
- Securing this license would allow Skydo to offer a complete suite of products to its customers, enhancing their overall experience.
Cross-border transactions can be costly and complex to monitor due to involvement from multiple jurisdictions. Skydo simplifies this process by providing businesses with a user-friendly dashboard to track funds across different regions and calculate savings from hidden fees.
Enhancing Cross-Border Payment Efficiency 💸
- Skydo supports payments from more than 100 countries in 32 different currencies.
- The platform currently processes an annual total payment volume (TPV) of approximately $120 million.
- With over 6,000 businesses onboarded, a third of them actively utilize Skydo’s services each month.
Following the recent funding round, Skydo aims to increase its TPV fivefold by the end of the fiscal year, showcasing its commitment to growth and innovation in the payment sector.
The Visionaries Behind Skydo ✨
Founded in 2022 by Movin Jain, a former senior executive at PhonePe, and Sridharan Srivatsa, who previously worked with the startup Rupeek, Skydo brings together a wealth of experience and expertise to drive its mission forward.
Mridul Arora, a partner at Elevation Capital, commended Skydo’s strong focus on governance and compliance, emphasizing its potential to establish credibility among major corporations. He expressed confidence in Skydo’s ability to capture a substantial portion of the thriving international payments market in India, leveraging its RBI-issued cross-border payments license and robust product offerings.
Hot Take 🔥
As a savvy enthusiast in the world of cryptocurrency, staying informed about innovations like Skydo’s advancements in cross-border payments is crucial. With a strategic vision and dedication to enhancing global payment solutions, Skydo is poised to revolutionize the way businesses manage international transactions. Keep an eye on Skydo as they continue to make waves in the ever-evolving fintech landscape!
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