Cross-border payments startup Skydo Technologies has received in-principle authorization from the Reserve Bank of India (RBI) to operate as a payment aggregator-cross border (PA-CB) entity. 

Founded in 2022 by Srivatsan Sridhar and Movin Jain, Skydo currently serves over 12,000 exporters in India, processing over $250 million in annual export payments. The company has till date raised $9.7 million in equity funding led by Elevation Capital. 

“The RBI in-principle authorization is a testament to our compliance-first culture, secure systems and robust risk controls”, said Awadhesh Ranjan, head of risk and compliance at Skydo.

Skydo’s customers are small and medium businesses selling a range of products and services to customers globally. Skydo partners with banks across the world and provides a comprehensive solution to manage their invoicing, payments and reconciliation. Key features include transparent pricing and fees with no markup on live mid-market forex rates, digital onboarding with instant KYC, dedicated customer support, fast settlements, and streamlined regulatory compliance with instant issuance of Foreign Inward Remittance Advice (FIRA).

“As an Indian fintech startup with global ambitions, we are thrilled to receive this approval. We plan to scale our payments volume by 10x over the next 18-24 months, expand to support import payments, and build out more trade corridors globally,” said Srivatsan Sridhar, co-founder and CEO of Skydo.

Skydo plans to introduce several first-to-market offerings for India's growing MSME export sector. “Starting with payments, we will extend our offerings to credit, tax compliance, treasury services and  export data processing and monitoring system (EDPMS) reconciliation. 

"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. 

The Bengaluru based fintech has also recently secured Payment Service Provider (PSP) approval from Amazon, enabling it to process payments for exporters participating in Amazon's Global Selling program.