India’s Skydo has nod its head to work as a cross-border toll collector
Indian cross-border payments company Skydo Technologies has received in-principle approval from the Reserve Bank of India (RBI) to operate as part of a payment collector-cross-border (PA-CB), The Economic Times reported.
Skydo’s Head of Risk and Compliance Awadesh Ranjan said: “The RBI’s basic approval is a testament to our pioneering culture, secure systems and robust risk controls.
Skydo CEO and Co-Founder Srivatsan Sridhar added, “As an Indian fintech startup with global ambitions, we are delighted to receive this endorsement. In the next 18-24 months, we plan to increase our payment volume by 10x, support import payments and build more trade corridors, The Hindu Business Line reported.
Skydo focuses primarily on small and medium-sized businesses that sell products and services internationally.
In partnership with international banks, the company offers various solutions such as invoicing, payment processing and reconciliation services.
In the year Established in 2022, Skydo serves more than 12,000 shippers in India and manages more than USD 250 million worth of shipping payments.
The company plans to expand its operations into areas such as lending, tax compliance and treasury services.
Skydo has obtained a Payment Service Provider (PSP) license from Amazon to facilitate payments for shippers participating in the Amazon Global Selling Program.
Since its inception, Skydo has received $9.7m in equity funding led by Elevation Capital. The company offers virtual foreign accounts for businesses and freelancers, while reducing forex costs and streamlining payment processes.
“India’s SkyDoo Enabled to Act as Cross-Border Toll Collector” was originally created and published by Electronic payments worldwideA trademark owned by GlobalData.
The information on this website is included in good faith for general information purposes only. It is not intended as a substitute for advice on which you should rely, and we make no representations, warranties or guarantees, either expressed or implied, as to its accuracy or completeness. You should seek professional or specialist advice before taking any action or saving on the content on our site.
