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Skydo founders Movin Jain and Srivatsan Sridhar
Skydo Technologies, a cross-border payments firm, has received in-principle authorization from the Reserve Bank of India (RBI) to operate as a Payment Aggregator-Cross Border (PA-CB) entity.
With this, Skydo is among the first companies in the cross-border payments space to receive this authorization.
The Bengaluru-based fintech startup 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.
Skydo's market presence
Skydo, which began operations in 2022, currently serves over 12,000 exporters in India, processing more than $250 million in annual export payments.
“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 & Compliance at Skydo.
By partnering with leading banks across the globe, Skydo provides businesses and freelancers with their own foreign virtual accounts for receiving payments - without any taxation or compliance burdens.
The startup provides a comprehensive solution for small and medium-sized businesses selling products and services globally.
Its key offerings include transparent pricing with no markup on live mid-market forex rates, digital onboarding with instant KYC, dedicated customer support, fast settlements, and streamlined regulatory compliance, including instant issuance of Foreign Inward Remittance Advice (FIRA).
Future plans
Looking ahead, 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. Together, these products will be a comprehensive cross-border financial operating system for any exporter. 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.
“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.