Bengaluru-based cross-border payments platform Skydo has secured $10 million in a Series A funding round, led by Susquehanna Asia Venture Capital, with continued support from existing investor Elevation Capital. This latest infusion brings Skydo’s total equity funding to $19.7 million, building on the momentum from its $5 million raise in August last year.
The company plans to deploy the new capital to expand its local collection infrastructure across 20+ additional countries spanning Southeast Asia, the Middle East, Africa, and Latin America. This expansion aims to strengthen Skydo’s mission of simplifying global payments for Indian exporters, freelancers, and growing businesses.
Founded by Srivatsan Sridhar and Movin Jain, Skydo enables users to receive payments via local collection accounts in multiple countries, offering a competitive advantage through flat-fee pricing, zero forex markups, and 24-hour settlement. The platform also automates essential compliance processes such as FIRA documentation, and features integrated tools for invoicing, reminders, and accounting sync, catering to the needs of modern MSMEs.
Currently, Skydo serves over 30,000 MSMEs, freelancers, and startups across more than 50 Indian cities. It supports transactions in 32+ global currencies, reflecting its commitment to removing friction from international business operations. Notably, Skydo 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, further enhancing its regulatory credibility.
Skydo reports a fourfold growth in payment volume over the past year and is now targeting $5 billion in annualized transaction volume within the next two years. With its latest funding, the company is poised to accelerate its global reach and strengthen its position as a leading cross-border payments partner for India’s fast-expanding digital economy.
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