Bengaluru-based fintech startup, Skydo Technologies, is taking the cross-border payment world by storm. With its recent RBI approval, the company is set to change how Indian exporters do business globally. Here’s everything you need to know about this exciting milestone and what it means for the future of global trade.
Skydo Earns RBI’s In-Principle Authorization for Cross-Border Payments
In a major win for fintech innovation in India, Skydo Technologies has just received in-principle authorization from the Reserve Bank of India (RBI) to operate as a Payment Aggregator-Cross Border (PA-CB) entity. This makes Skydo one of the very first companies in the cross-border payments space to achieve this crucial approval.
Why is this such a big deal? It means Skydo can now officially handle payments for international transactions, acting as a trusted intermediary between Indian exporters and their global customers. For businesses, it simplifies cross-border payments, making them faster, more secure, and compliant with regulatory standards.
What is Skydo and How Does it Work?
Skydo, founded in 2022 and based in Bengaluru, focuses on streamlining cross-border payments for small and medium-sized businesses (SMEs) and freelancers engaged in international trade. The company specializes in payments for exporters, enabling them to receive payments in foreign currencies without the headaches of taxes or complex compliance issues.
Here’s how Skydo works:
- Global Partnerships: Skydo partners with leading global banks, offering businesses and freelancers virtual foreign accounts to receive payments directly.
- Seamless Payments: With Skydo, exporters can process their payments faster, with transparent pricing and no hidden markups on currency exchange rates.
- Instant Onboarding: The platform provides digital onboarding and instant KYC (Know Your Customer) verification, making it incredibly quick and easy for exporters to start using the service.
- Comprehensive Compliance: One of Skydo’s standout features is its focus on regulatory compliance, ensuring businesses can meet all legal requirements without hassle.
A Growing Presence: Serving 12,000 Exporters
Skydo’s growth trajectory is impressive. Since launching just two years ago, the company now serves over 12,000 exporters in India, processing more than $250 million in annual export payments. With its RBI authorization, the company is set to expand its reach and offer even more services to businesses looking to scale internationally.
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.”
This approval puts Skydo in a strong position to help Indian exporters navigate the complexities of global trade by offering them an easy, reliable, and compliant way to handle their international transactions.
What Sets Skydo Apart?
Skydo isn’t just another cross-border payments company. The platform offers several unique features that make it stand out:
1. Transparent Pricing
Skydo ensures that exporters get mid-market forex rates with no markup, which means they get the best deal when exchanging currencies. There are no hidden fees, allowing businesses to keep more of their earnings.
2. Fast Settlements
Skydo promises quick settlements on payments, ensuring that exporters can receive their funds without delays—critical for businesses that rely on fast cash flow.
3. Streamlined Compliance
Dealing with regulations in cross-border payments can be tricky. Skydo simplifies this by handling all the compliance tasks, including the instant issuance of Foreign Inward Remittance Advice (FIRA), which is required for exporters receiving foreign payments.
4. Digital Onboarding with Instant KYC
Instead of waiting for weeks for account approvals, Skydo offers instant KYC and digital onboarding, getting exporters up and running quickly.
5. Global Expansion Ready
Skydo is building a comprehensive solution for Indian exporters, offering everything from payments to tax compliance and credit solutions, all under one roof. The company’s vision is to provide an all-in-one platform for cross-border financial operations.
Skydo’s Big Move into Amazon’s Global Selling Program
Skydo recently made another big leap by securing Payment Service Provider (PSP) approval from Amazon. This means the company can now process payments for exporters who are part of Amazon’s Global Selling Program, allowing Indian sellers to reach customers around the world.
This collaboration opens up new avenues for SMEs to expand their businesses on a global scale while ensuring smooth, compliant payments every time.
Skydo’s Future Plans: Scaling Payments and Expanding Services
Looking ahead, Skydo has ambitious plans to revolutionize the cross-border payments landscape for Indian businesses. According to Movin Jain, Co-Founder of Skydo, “Starting with payments, we will extend our offerings to credit, tax compliance, treasury services, and Export Data Processing and Monitoring System (EDPMS) reconciliation. Together, these products will form a comprehensive cross-border financial operating system for any exporter.”
This expansion into new services will make Skydo not just a payment solution but a complete financial ecosystem for Indian exporters. And the company isn’t stopping there—Skydo aims to scale its payment volumes by 10x over the next 18-24 months.
Additionally, the company plans to extend its services to import payments, supporting Indian businesses on both ends of the global trade spectrum. Skydo is also eyeing new trade corridors across the globe, helping Indian exporters tap into international markets even more effectively.
Srivatsan Sridhar, Co-Founder and CEO of Skydo, shared, “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.”
Why Skydo is a Game-Changer for Indian Exporters
Skydo’s in-principle RBI approval is more than just a regulatory milestone. It marks the beginning of a new era for Indian exporters, giving them access to fast, compliant, and cost-effective cross-border payment solutions. As India’s export sector continues to grow, services like Skydo will be critical in helping small and medium businesses scale their operations on the global stage.
By removing the complexities of cross-border payments and offering instant KYC, transparent pricing, and fast settlements, Skydo is making international trade more accessible to thousands of Indian businesses. The company’s future expansion into credit, tax services, and more will only make it a more powerful tool for exporters looking to thrive in the global market.
With its eye on the future, Skydo is poised to become a leading player in the fintech space and a driving force behind the global ambitions of Indian exporters.
Conclusion: Skydo’s Bold Steps in the Cross-Border Payments Space
Skydo’s partnership with the RBI and Amazon, coupled with its growth and innovative offerings, positions the company as a true disruptor in the cross-border payments industry. By simplifying the process of receiving payments from global customers, the company is setting the stage for Indian businesses to thrive internationally.
The fintech startup’s compliance-first approach, transparent pricing model, and fast settlements are just the beginning. With a robust growth plan in place, Skydo is well on its way to becoming a key enabler of India’s export sector and an essential tool for businesses looking to expand globally.
For Indian exporters, Skydo is the solution they’ve been waiting for to streamline payments, improve cash flow, and tap into the global market like never before.
