Skydo Raises $5 Million in Funding Round

Skydo, a Bengaluru-based cross-border payments startup, has raised $5 million in a pre-Series A funding round led by Elevation Capital, which had previously invested in the company. The new funding will support the company's operations, enhance risk monitoring, and aid in compliance, as it aims to expand internationally and acquire payment licenses across geographies. Skydo, founded in 2022, has processed over $100 million in payments for more than 6,000 Indian small and medium-sized businesses, focusing on simplifying international transactions for enterprises, MSMEs, and freelancers. The company is currently connected to six global banks and supports payments in 32 currencies, primarily targeting markets like the US, UK, and UAE. Additionally, Skydo has applied for a Cross-Border Payment Aggregator license from the Reserve Bank of India to strengthen its market position. Co-founder Srivatsan Sridhar emphasized the goal to streamline global financial operations and facilitate a projected $750 million in payments by 2025.