Skydo gets RBI approval to run cross-border payments platform

Skydo, a Bengaluru-based cross-border payments startup, has received final authorisation from the Reserve Bank of India (RBI) to operate as a Payment Aggregator-Cross Border (PA-CB).

Founded in Bengaluru, Skydo serves over 30,000 micro, small and medium-sized enterprises (MSMEs), freelancers, and startups across nearly 50 Indian cities. The company supports collections in more than 32 currencies, allowing exporters to receive payments locally from international clients while settling funds quickly in India.

“The RBI authorisation is a strong testament to our understanding of the cross-border payments space, compliance-first culture, secure systems, and robust risk controls,” said Awadhesh Ranjan, Head of Risk and Compliance at Skydo.

“This is a strong marker of trust for our customers, as well as global bank partners, especially given India’s regulatory rigour and high bar for issuing such licenses,” he added.

India’s central bank introduced the PA-CB framework to bring cross-border payment intermediaries under closer regulatory oversight, addressing concerns around money laundering, foreign exchange transparency, and consumer protection. For startups like Skydo, the framework also provides a clearer pathway to scale.

“Receiving the RBI’s final PA-CB authorisation is a significant milestone for us,” said Srivatsan Sridhar, Co-founder and CEO of Skydo.

He added, “It validates our approach that building well-governed and scalable systems, and deep, compliant payment rails are foundational to building an end-to-end financial operating system for ambitious global businesses.”

Skydo’s platform offers flat-fee pricing with no markup on mid-market foreign exchange rates, alongside compliance tools such as instant access to Foreign Inward Remittance Certificates (FIRC) through integrations with partner banks. It has also expanded into accounts receivable features, including invoicing, payment reminders and integration with enterprise resource planning and accounting software.

The regulatory clearance follows a $10 million Series A funding round led by Susquehanna Asia Venture Capital, with participation from existing investor Elevation Capital, taking Skydo’s total funding to $20 million. The company said it is on track to reach $5 billion in annualised payment volumes by 2027.