Skydo gets RBI nod to operate as a Payment Aggregator-Cross Border entity

By Gloria Mathias

Skydo Technologies, a cross-border payments company, has received in-principle authorisation from the Reserve Bank of India (RBI) to operate as a Payment Aggregator-Cross Border (PA-CB) entity.

This move strengthens Skydo’s mission of making cross-border payments compliant, seamless, and cost-effective for India’s exporters. Skydo started operations in 2022 and currently serves over 12,000 exporters in India, processing over $250 million in annual export payments.

“The RBI in-principle authorisation is a testament to our compliance-first culture, secure systems, and robust risk controls,” said Awadhesh Ranjan, Head of Risk & Compliance at Skydo.

Skydo’s customers are small and medium businesses selling a range of products and services globally. The company partners with banks worldwide and provides a comprehensive solution to manage invoicing, payments, and reconciliation. Key features include transparent pricing and fees with no markup on live mid-market forex rates, digital onboarding with instant KYC, dedicated customer support, fast settlements, and streamlined regulatory compliance with instant issuance of Foreign Inward Remittance Advice (FIRA).

“As an Indian FinTech startup with global ambitions, we are thrilled to receive this approval. We plan to scale our payments volume by 10x over the next 18-24 months, expand to support import payments, and build out more trade corridors globally,” said Srivatsan Sridhar, Co-Founder and CEO of Skydo.

Looking ahead, Skydo plans to introduce several first-to-market offerings for India’s growing MSME export sector. “Starting with payments, we will extend our offerings to credit, tax compliance, Treasury Services, and Export Data Processing and Monitoring System (EDPMS) reconciliation. Together, these products will be a comprehensive cross-border financial operating system for any exporter. By bringing cross-border payments into the Payment Aggregator framework, RBI has enabled companies like us to build superior technological products and power the international ambitions of Indian businesses,” said Movin Jain, Co-founder of Skydo.

The Bengaluru-based FinTech has recently secured Payment Service Provider (PSP) approval from Amazon, enabling it to process payments for exporters participating in Amazon’s Global Selling program.