Skydo, a business specializing in cross-border payments, has successfully secured $5 million in a recent equity round. The funding was primarily driven by Elevation Capital, with additional contributions from several angel investors.
This is the second instance of injecting capital into the company, following the initial institutional funding round of $5 million from Elevation Capital in 2022.
Skydo, currently seeking a cross-border payment aggregator license from the Reserve Bank of India (RBI), enables small enterprises and freelancers to accept payments from international sources.
International transactions incur high costs and are challenging to monitor due to the involvement of multiple governments. Skydo provides a comprehensive dashboard that enables organizations to monitor the flow of funds across different regions. Additionally, it assists in tracking the amount of money saved by identifying and quantifying hidden expenses.
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Skydo enables the facilitation of payments from more than 100 countries, supporting 32 different currencies. Currently, it is processing an annual total payment volume (TPV) run rate of approximately $120 million.
Skydo was established in 2022 by Movin Jain, a former senior executive at PhonePe, and Sridharan Srivatsa, who previously worked at the gold lending company Rupeek.
About Skydo
Founded in 2022 by Movin Jain, Skydo is a fintech startup based out of Bangalore on a mission to make cross-border B2B payments hassle-free & reduce forex charges for businesses by more than 50%.
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