Indian cross-border payments company Skydo Technologies has received in-principle approval from the Reserve Bank of India (RBI) to operate as a payment aggregator-cross border (PA-CB) entity, The Economic Times reported.
Skydo Risk & Compliance head Awadhesh Ranjan said: “The in-principle authorization from the RBI is a testament to our compliance-first culture, secure systems and robust risk controls.”
Skydo CEO and co-founder Srivatsan Sridhar added: “As an Indian fintech start-up with global ambitions, we are very pleased with this approval. We plan to increase our payments volume by a factor of ten over the next 18 to 24 months, expand to support import payments and build more trade corridors globally,” The Hindu Business Line said.
Skydo focuses mainly on small and medium-sized businesses that sell products and services internationally.
Through partnerships with global banks, the company offers various solutions such as billing, payment processing and reconciliation services.
Founded in 2022, Skydo serves more than 12,000 exporters in India and manages more than $250 million in export payments annually.
The company plans to expand its business and expand into areas such as lending, tax compliance and treasury services.
Skydo has received Payment Service Provider (PSP) approval from Amazon, allowing it to facilitate payments for exporters participating in the Amazon Global Selling program.
Since launch, Skydo has secured $9.7 million in equity financing, led by Elevation Capital. The company offers virtual foreign accounts for businesses and freelancers, streamlining payment processes and minimizing currency costs.
“India’s Skydo gets the nod to operate as a cross-border payments aggregator” was originally created and published by Electronic payments internationallya brand owned by GlobalData.
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