Tuesday, 13 August 2024, Bengaluru, India
Skydo is a cross-border platform for overseas payments that secured $5 million from Elevation Capital in its pre-series A funding round. The funding round saw the participation of various new and existing investors. The startup plans to use these fresh proceeds to scale its operations, strengthen its monitoring services, enhance its platform & business plans, and expand its services in the global market.
Skydo provides real-time tracking of every cross-border transaction allowing users to monitor the whole payment history. The application makes international payments more affordable and seamless with over 50 percent more savings. The company intends to strengthen its market presence while increasing its customer reach globally. Skydo previously secured $5.2 million in its seed funding round in 2022. The funding round was led by the existing investor Elevation Capital. The platform uses cutting-edge and advanced technologies to offer seamless user experience and affordable solutions. The application provides cheaper solutions for businesses compared to other cross-border platforms.
The startup operates its services in over 6,000 Indian SMB exporters and claims to have processed payments of over $100 million since its establishment. Entrackr reported the development first. The platform connects with six global banks and various international payment systems enabling customers to process payment in different currencies. The platform operates in around 32 currencies including the US, UK, Europe, Singapore, the UAE, and Canada. The data intelligence platform, traxcn mentioned that the firm secured around $5 million across one seed funding round since its inception. The company offers an online platform to make international payments and real-time payment tracking easier for users. The investment shows the trust of Elevation Capital in Skydo’s market potential and business model.
The cross-border payment platform claims to operate under the RBI’s OPGSP framework. This serves as the primary payment method for 300,000 MSME exporters across India. The company has already applied for cross-border payment aggregator licenses from the Reserve Bank of India. The fintech startup focuses on making overseas business payments easier and more secure. The startup aims to make cross-border payment services easily accessible, and transparent to everyone. The development came just after the fintech sector gained increased investor interest. Skydo faces competition from other cross-border payment platforms in the same segment such as PayGlocal, EBANX, and Pingpong.
Conclusion:
Skydo is a fintech startup that secured $5 million in its pre-series A funding round from its existing investor Elevation Capital. The company intends to use this fresh capital to enhance its platform, scale its operations, and expand its services while strengthening its monitoring services. The startup provides a cross-border transaction platform that offers secure overseas payments. The platform currently operates in 32 currencies including the US, Canada, the UK, and Europe. The startup claims to have done over $100 million in transactions since its inception. The startup has filed for a cross-border payment aggregator license. The company aims to revolutionize fintech services and develop a secure real-time cross-border transaction platform.
