Bengaluru-based cross-border payments platform Skydo has received final authorisation from the Reserve Bank of India (RBI) to operate as a Payment Aggregator–Cross Border (PA-CB).
The approval follows in-principle authorisation granted in January last year and places Skydo among a small group of fintech firms cleared under the PA-CB regime.
The licence allows the company to facilitate cross-border payment collections as a regulated entity at a time when the central bank has tightened oversight of such activities by bringing them within the payment-aggregator framework.
Skydo enables exporters to collect locally from international clients, with transparent flat-fee pricing, no markup on live mid-market FX rates, and fast settlements. The platform provides instant access to compliance documents like FIRC through deep integration with partner banks, and offers a full suite of Accounts-Receivable tools like Invoicing, Payment Reminders and Ledgering, and Integration with ERP / Accounting.
According to the company, it serves more than 30,000 customers across over 50 cities and supports collections in more than 32 currencies.
“The RBI authorization is a strong testament to our understanding of the Cross-Border Payments space, Compliance-first culture, secure systems and robust risk controls. This is a strong marker of trust for our customers as well as global bank partners, especially given India’s regulatory rigor and high bar for issuing such licenses, said Awadhesh Ranjan, Head of Risk & Compliance at Skydo.
Commenting on the development, Srivatsan Sridhar, co-founder and CEO of Skydo said, “Receiving the RBI’s final PA-CB authorisation is a significant milestone for us. 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. The license will help us build stronger trust with SMB and Enterprise customers, Global Bank and Payments partners as we scale our payment volumes significantly, and expand across products and corridors,.”
Skydo said it will continue to deepen its product offerings and expand coverage across additional trade corridors. It has introduced several first-to-market offerings for India’s growing MSME export sector, including seamless local payment acceptance in difficult corridors like Africa, and a suite of value-added services like Invoicing, Analytics and Payment Reminders.
Founded in 2022 by Srivatsan Sridhar and Movin Jain, Skydo raised $10 million in a Series A funding round in December last year, taking its total funding to $20 million.
