Bengaluru-based fintech firm Skydo has received in-principle approval from the Reserve Bank of India (RBI) to operate as a Payment Aggregator-Cross Border (PA-CB) entity. This milestone positions Skydo among the select few players authorized to facilitate cross-border payments under RBI regulations.
Currently, only five entities have received final RBI approval to operate as PA-CB, including Adyen India Technology Services, Amazon Pay (India), Cashfree Payments, IndiaIdeas.com, and Pay10 Services. Meanwhile, 11 other cross-border payment firms have pending applications for the PA-CB license, according to the RBI website.
Skydo recently achieved a Payment Service Provider (PSP) approval from Amazon, enabling the firm to process payments for exporters in Amazon’s Global Selling program. The company plans to expand its offerings beyond payments to include credit, tax compliance, treasury services, and Export Data Processing and Monitoring System (EDPMS) reconciliation, aiming to build a comprehensive financial operating system for exporters.
“Starting with payments, we will extend our offerings to credit and compliance, creating a complete financial ecosystem for exporters,” said Movin Jain, Co-Founder of Skydo.
Founded in 2022, Skydo claims to serve over 12,000 Indian exporters, processing more than $250 million in annual export payments. The company plans to scale its payment volumes tenfold in the next 18–24 months, expand to support import payments, and establish more trade corridors globally.
“Our vision is to scale rapidly and support businesses globally, enhancing cross-border trade operations,” said Srivatsan Sridhar, Co-Founder and CEO of Skydo.
Skydo provides small and medium-sized businesses, along with freelancers, foreign virtual accounts to receive payments seamlessly. Backed by $9.7 million in equity funding led by Elevation Capital, Skydo is set to strengthen its foothold in the cross-border payment ecosystem.
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