Indian cross-border payments company Skydo Technologies has received the Reserve Bank of India’s (RBI) basic authorization to operate as a cross-border payments aggregator (PA-CB), The Economic Times reported.

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

Skydo CEO and co-founder Srivatsan Sridhar added, “As an Indian fintech start-up with global ambitions, we are delighted to receive this approval. We plan to grow our payments volume 10x over the next 18-24 months, expand to support import payments and build more trade corridors globally,” The Hindu Business line reported.

Skydo focuses primarily on small and medium-sized businesses that sell products and services internationally.

Through partnerships with global banks, the company offers various solutions such as invoicing, payment processing and reconciliation services.

Established in 2022, Skydo serves over 12,000 exporters in India, handling over $250 million in export payments every year.

The company plans to expand its operations, expanding into areas such as credit, tax compliance and treasury services.

Skydo has been approved as a Payment Service Provider (PSP) by Amazon, allowing it to facilitate payments to exporters participating in the Amazon Global Selling program.

Since its launch, Skydo has secured $9.7 million in equity funding, led by Elevation Capital. The company offers virtual foreign accounts for businesses and freelancers, streamlining payment processes while minimizing foreign exchange costs.

“India’s Skydo gets nod to operate as cross-border payments aggregator” was originally created and published by International electronic paymentsa trademark owned by GlobalData.

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