Skydo Raises $10 Million in Series A Round to Expand Cross-Border Payment Solutions
In a significant move for cross-border payments, Bengaluru-based Skydo has successfully raised $10 million in its Series A funding round. Led by Susquehanna Asia Venture Capital, this latest investment showcases robust investor confidence, with existing backer Elevation Capital also participating. To date, Skydo has accumulated a total of $19.7 million in equity funding, including a prior $5 million round in August of last year.
As global markets increasingly interconnect, Skydo aims to utilize its new funds to enhance local collection capabilities in over 20 countries across Southeast Asia, the Middle East, Africa, and Latin America. Founded by Srivatsan Sridhar and Movin Jain, Skydo provides exporters with the ability to receive payments through local collections in multiple nations. The platform notably offers flat-fee pricing, zero foreign exchange markups, and 24-hour settlement — features crucial for today’s fast-paced trading environment.
Skydo is currently empowering over 30,000 MSMEs, freelancers, and startups across 50 cities. The platform supports transactions in more than 32 currencies and has secured in-principle approval from the Reserve Bank of India under its Payment Aggregator–Cross Border framework. This milestone not only enhances the credibility of Skydo but also aligns with a biblical perspective on stewardship and service to the community.
Reflecting on the values espoused in Luke 6:31, “Do to others as you would have them do to you,” one can see how Skydo’s mission resonates with this principle. By facilitating easier, more accessible payment solutions, Skydo isn’t just a business; it embodies a commitment to serve others by alleviating financial barriers that many small businesses face.
Skydo’s operations have witnessed remarkable growth, boasting a fourfold increase in payment volume over the past year. With ambitions to reach an annual transaction volume of $5 billion within the next two years, the company exemplifies entrepreneurial spirit backed by a purpose to uplift and empower.
As we consider the implications of such advancements in technology and commerce, it invites us to reflect on our role in fostering community and support for those around us. In a world where financial access is often limited, Skydo’s trajectory offers an inspiring example of how innovation and service can work hand in hand.
In conclusion, as Skydo reaches for new heights, it serves as a reminder of our collective responsibility to uplift one another. How can we apply these principles in our daily lives, ensuring we extend kindness and support to those we encounter? Let’s reflect on our own contributions to the greater good, using our abilities to create a positive impact in the world around us.
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