Skydo( Bengaluru-based cross-border payment startup ) has successfully raised $5 million by Elevation Capital as an investor, with the help of several undisclosed angel investors. This is Skydo’s second equity investment after 2022.
Movin Jain and Srivatsan Sridhar founded the company in 2022, helped many businesses to open international collection accounts through global banking partners, which significantly led to reducing foreign exchange charges by over 50%. The startup presently processes payments for over 6,000 small and midsize businesses (SMBs) in India as well as supports transactions in 32 currencies in more than 100 countries. Talking about the latest funding, the company plans to expand its operations, strengthen its risk management portfolio and legal compliance systems, globally so as to acquire payment licenses at international levels.
Skydo at the same time is also waiting to get its approval from RBI for a payment aggregator cross-border license, which will enable Skydo’s to offer payment services to domestic merchants. This addition could be expected to broaden Skydo’s services to make it a comprehensive solution advisor for businesses which are involved in cross-border trade.
The fresh investment will allow Skydo to increase its total payment volume (TPV) swith significant amount, with manifold jumps by the end of this financial year in terms of profits increase. This growth is expected to place Skydo in a position where it can capture a significant share of international payments market in India also thanks to the Globalization effect. With Further legal compliance, we can expect an enhanced credibility competing with other big shots, in the fintech space.
Commenting on the successful funding round, Skydo’s CEO, Srivatsan Sridhar, said, “We are thrilled to have the continued support of Elevation Capital and our angel investors. This funding will allow us to accelerate our growth and enhance our platform to better serve small businesses that are looking to expand their reach globally. Our goal is to make cross-border payments as seamless and cost-effective as possible, empowering SMEs to compete on a global scale.”
Elevation Capital, known for its strategic investments in high-growth startups, has expressed confidence in Skydo’s potential to disrupt the cross-border payments space. A spokesperson for Elevation Capital commented, “Skydo is addressing a critical pain point for SMEs, and we believe in their vision to simplify global payments. With their innovative technology and strong leadership, Skydo is well-positioned to become a leader in this space.”
As Skydo continues to build on its success, the company is focused on scaling its operations and expanding its customer base both in India and internationally. The new funding will also support the development of additional features and services aimed at further enhancing the user experience and meeting the evolving needs of SMEs.
Skydo’s ongoing efforts to revolutionize cross-border payments are expected to have a significant impact on the global SME landscape, enabling more businesses to participate in the international marketplace with greater ease and efficiency.
