Cross-border payments platform Skydo raises $10M Series A funding from Susquehanna Asia VC, Elevation Capital

Bengaluru-based cross-border payments platform Skydo has raised $10 million in a Series A funding round led by Susquehanna Asia Venture Capital. The round also saw participation from existing investor Elevation Capital.

Skydo serves more than 30,000 Indian MSMEs, freelancers and startups across 50 cities, enabling payments in 32 currencies. The company has received in-principle authorisation from the Reserve Bank of India to operate as a 'payment aggregator – cross border', the company said in a statement.

The company plans to use the capital to expand inward payment collection capabilities across more than 20 countries, secure regulatory licences in overseas markets, and build out card acceptance, compliance automation and developer APIs.

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Skydo’s tech solution is simplifying cross-border payments for SME exporters

Skydo said it did roughly 4× more cross-border payment value than last year and is now targeting $5 billion in annualised payment volume within two years.

The company said that Indian exporters lose between 3% and 7% of revenue due to foreign exchange mark-ups and opaque fees and face delays in receiving and reconciling payments through traditional channels. Skydo aims to enable Indian exports with world-class payment infrastructure built from India for the world.

Srivatsan Sridhar, Co-founder and Chief Executive Officer of Skydo, said. “This funding fuels our mission to build the financial operating system for global commerce – from collections, payouts, card acceptance, compliance automation, and accounting reconciliation.”

The company said Skydo customers can collect payments locally from clients across countries. These payments are then processed at zero forex fees, transparent flat-fee pricing, and 24-hour settlement. The platform instantly generates compliance documents like FIRA, and provides a full suite of accounts receivable tools like invoicing, payment reminders and accounting integration, it added.

“We’re demonstrating that India has the talent, compliance muscle, and regulatory clarity to build global financial infrastructure from here, for the world,” said Movin Jain, Co-founder of Skydo. “With this round, we aim to expand our global footprint and secure payment licences in key geographies.”

Bhavanipratap Rana, Investment Advisor to Susquehanna Asia VC, said, “India's evolving cross-border payment landscape, with the introduction of the new PA-CB framework, demands high-quality, focused players with a technological edge. Skydo’s focus on solving the real costs of cross-border transactions–opacity, time, compliance risk, and working capital blockage–is a clear differentiator.”

Mridul Arora, Partner at Elevation Capital, said, “Since partnering with Skydo at their inception, we have been incredibly impressed by the team’s speed, execution, and unwavering product focus. They have done a stellar job scaling the platform 4X in the last year alone, building what is truly a customer-centric international payments powerhouse.”

Skydo competes with traditional banks and global platforms such as PayPal, Wise and Payoneer in the cross-border payments market for Indian exporters.