Skydo Technologies Secures RBI Licence As A Cross-Border Payment Aggregator

Bengaluru, Jan 21 (KNN) Bengaluru-based Skydo Technologies has secured in-principle authorisation fr0m the Reserve Bank of India to operate as a Payment Aggregator-Cross Border entity, joining select companies like Cashfree in obtaining this regulatory approval. 

The cross-border payments company, established in 2022, currently facilitates over USD 250 million in annual export payments for more than 12,000 Indian exporters.

The fintech startup, which primarily serves small and medium enterprises engaged in global trade, has developed comprehensive solutions for invoicing, payments, and reconciliation through its international banking partnerships. 

The RBI authorisation is expected to enhance its ability to streamline cross-border payment solutions for Indian exporters.

Srivatsan Sridhar, cofounder of Skydo, outlined ambitious growth plans, stating, "We plan to scale our payments volume by 10 times over the next 18-24 months, expand to support import payments, and build out more trade corridors globally." 

The company also intends to broaden its services beyond payments to include credit, tax compliance, and treasury services.

In a significant development for its e-commerce capabilities, Skydo has also received Payment Service Provider approval fr0m Amazon, enabling it to process payments for merchants participating in Amazon's Global Selling program. 

Since its launch, the company has raised USD 9.7 million in equity funding led by Elevation Capital and has introduced virtual foreign accounts for businesses and freelancers, offering reduced forex charges and simplified payment processes.

(KNN Bureau)