Fintech Startup Skydo Secures $5 Million in Pre-Series A Funding

ENA Sectors 2024-08-14 15:19:42 New Delhi, Aug 14 (KNN) In a significant development for the cross-border payments sector, Indian fintech startup Skydo has successfully raised USD 5 million in a pre-Series A funding round. The investment was led by Elevation Capital, an existing backer of the company, underscoring the venture capital firm's continued confidence in Skydo's potential. This latest capital infusion brings Skydo's total funding to USD 10.2 million, following a USD 5.2 million seed round in 2022, also led by Elevation Capital. The fresh funds are earmarked for expanding operations and enhancing the company's risk monitoring and compliance systems, crucial elements in the highly regulated fintech space. Skydo, which launched operations in 2022, has quickly established itself as a key player in facilitating international transactions for Indian small and medium-sized businesses (SMBs). The company boasts an impressive client base of over 6,000 SMB exporters and claims to have processed payments exceeding USD 100 million since its inception. The startup's platform leverages advanced technology to connect six global banks and international payment systems, enabling customers to receive payments in 32 currencies from major markets including the United States, United Kingdom, Canada, Singapore, United Arab Emirates, and Europe. Srivatsan Sridhar, co-founder and CEO of Skydo, emphasized the company's mission: As India targets USD 2 trillion in exports by 2030 and the gig economy continues to expand, we're focused on making cross-border payments as cost-effective as possible. Skydo's unique selling proposition is putting our customer at the centre of a radically transparent, simple, and convenient platform to receive international payments. The company's client portfolio extends beyond SMBs to include enterprises, micro-enterprises, and freelancers, reflecting the growing demand for efficient cross-border payment solutions across various business segments. In a move that signals its commitment to regulatory compliance, Skydo has applied for the Cross-Border Payment Aggregator (PA-CB) licence from the Reserve Bank of India (RBI). This step is likely to enhance the company's credibility and operational capabilities in the highly regulated financial services sector. Mridul Arora, partner at Elevation Capital, expressed strong optimism about Skydo's future: We are confident that Skydo will drive significant improvements in how businesses handle international transactions and deliver unmatched value for SMBs and enterprises. We look forward to supporting them in their mission to streamline global financial operations and set new benchmarks in the payments sector. As India's export ambitions grow and the global gig economy expands, fintech solutions like Skydo are poised to play a crucial role in facilitating smoother, more cost-effective international transactions. This latest funding round not only validates Skydo's business model but also highlights the increasing investor interest in innovative fintech solutions addressing the complexities of cross-border payments. (KNN Bureau) 38968 https://knnindia.co.in/news/newsdetails/sectors/fintech-startup-skydo-secures-5-million-in-pre-series-a-funding 2024-08-14 15:19:42 knnindia.co.in Fintech Startup Skydo Secures $5 Million in Pre-Series A Funding