• Skydo Technologies secures RBI’s in-principle approval as a Payment Aggregator-Cross Border, enhancing its role in India’s export payments ecosystem.
  • The Bengaluru-based fintech plans to expand globally, scale payment volumes 10x, and introduce credit, compliance, and treasury services.

Bengaluru-based fintech specializing in cross-border payments, Skydo, has secured in-principle authorization from the Reserve Bank of India (RBI) to operate as a Payment Aggregator-Cross Border (PA-CB) entity.

Launched in 2022, Skydo serves over 12,000 small and medium-sized exporters in India, processing more than $250 million annually. The company focuses on providing a seamless and compliant payment experience for exporters, offering services such as invoicing, payment processing, reconciliation, and regulatory compliance.

Commenting on the approval, Awadhesh Ranjan, Head of Risk & Compliance at Skydo, said:

“The RBI in-principle authorization is a testament to our compliance-first culture, secure systems, and robust risk controls.”

Skydo has also recently received Payment Service Provider (PSP) approval from Amazon, enabling it to process payments for exporters participating in Amazon’s Global Selling program. This move underscores the company’s growing presence in the cross-border payment ecosystem.

Looking ahead, Skydo aims to expand its operations significantly, targeting a tenfold increase in payment volumes over the next 18-24 months. Plans include extending support to import payments, developing trade corridors globally, and introducing new offerings such as credit, tax compliance, treasury services, and Export Data Processing and Monitoring System (EDPMS) reconciliation.

“By bringing cross-border payments into the Payment Aggregator framework, RBI has enabled companies like us to build superior technological products and power the international ambitions of Indian businesses,” said Movin Jain, Co-Founder of Skydo.

Skydo has raised $9.7 million in equity funding, led by Elevation Capital, to fuel its growth. The company’s mission is to reduce forex charges for businesses by over 50% while ensuring a hassle-free cross-border payment process for India’s growing export sector.

Edited by Harshajit Sarmah