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Elevation Capital joins $10m series A in Indian platform Skydo
Skydo, a Bengaluru-based cross-border payments platform, has raised US$10 million in series A funding led by Susquehanna Asia Venture Capital, with participation from Elevation Capital.
Skydo plans to use the new capital to expand local payment collection in over 20 countries, secure licenses in key international markets, and develop additional features such as card acceptance and compliance tools.
The company serves over 30,000 Indian exporters, including MSMEs, freelancers, and startups, and processes payments in more than 32 currencies across 50 cities.
The platform received in-principle approval from the Reserve Bank of India as a payment aggregator – cross border.
Skydo competes with traditional banks and global payment firms like PayPal, Wise, and Payoneer.
The company aims to reach US$5 billion in annualized payment volume within two years.
🔗 Source: Skydo
🧠 Food for thought
Implications, context, and why it matters.
Cross-border payment infrastructure providers can benefit from India’s Payment Aggregator – Cross Border (PA-CB) licensing wave
- The Reserve Bank of India (RBI) set PA-CB rules that need net worth of INR 15 crore at application, then INR 25 crore by March 2026, driving demand for vendors with Know Your Customer (KYC) automation, Foreign Exchange Management Act (FEMA) reporting, plus Financial Intelligence Unit-India (FIU-IND) links 3.
- Banking-as-a-service (BaaS) providers that package bank-grade tools via APIs with authorized dealer (AD) bank partners (RBI-licensed banks permitted to handle foreign exchange) can offer forex handling, separate import or export collection accounts, plus real-time reconciliation to meet PA-CB needs 3.
- Regulatory technology (RegTech) firms that handle merchant onboarding, fraud prevention, plus cross-border monitoring for amounts up to INR 25 lakh per unit can anchor PA-CB compliance programs 3.
- Airpay (an Indian payments gateway and aggregator) expects a 30-40% volume rise and plans to onboard 50,000+ merchants, which creates near-term demand for gateway, security, plus merchant lifecycle tools 4.
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