The firm Skydo, which specializes in international payments, has raised $5 million in a fresh equity round headed by Elevation Capital and including contributions from a number of angel financiers. After raising $5 million in its first institutional round from Elevation Capital in 2022, this is the company’s second equity infusion.
Skydo, which mainly helps small businesses and freelancers receive payments from overseas clients, is presently waiting on the Reserve Bank of India (RBI) for approval of a payment aggregator cross-border license.
The CEO of Skydo, Srivatsan Sridhar, said that the company’s future goals include growing into outbound payments from India and providing larger businesses with complete cross-border payment solutions. In order to provide domestic merchant payment services and give its clients access to a comprehensive range of payment options, Skydo is also thinking of requesting a license as a payment aggregator from the central bank.
Due to the involvement of several states, cross-border payments can be expensive and challenging to trace. Skydo tackles these issues. The startup helps organizations find possible savings on hidden costs by providing a dashboard to track their financial activities across several areas.
At now, Skydo handles payments from more than 100 nations in 32 currencies, with an approximate yearly run rate of $120 million for total payment volume (TPV). Approximately one-third of the 6,000 firms that have been onboarded by the platform use it actively each month. Skydo hopes to expand its TPV five times by the conclusion of the current fiscal year with the help of the new funds.
Movin Jain, a former senior executive of PhonePe, and Srivatsan Sridhar, who had previously worked with the gold lending startup Rupeek, created Skydo in 2022. Elevation Capital partner Mridul Arora emphasized Skydo’s strong emphasis on governance and compliance, which is anticipated to increase the startup’s credibility with bigger companies.
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