Skydo Secures RBI Approval for Cross-Border Payments

Skydo Technologies, a fintech company based in Bengaluru, has secured in-principle approval from the Reserve Bank of India (RBI) to operate as a Payment Aggregator-Cross Border (PA-CB) entity. This approval highlights Skydo's dedication to offering compliant, efficient, and cost-effective cross-border payment solutions for Indian exporters.

Company Overview

Founded in 2022, Skydo serves more than 12,000 Indian exporters, processing over $250 million in annual export payments. The company provides a wide range of services, including invoicing, payments, and reconciliation, with transparent pricing and no markup on live mid-market forex rates. Its offerings also include digital onboarding with instant KYC, dedicated customer support, quick settlements, and streamlined regulatory compliance.

Strategic Plans After Approval

With the RBI’s in-principle authorization, Skydo intends to:

• Scale Operations: Increase payment volumes by ten times in the next 18-24 months.
• Expand Services: Facilitate import payments and develop additional global trade corridors.
• Diversify Offerings: Launch services such as credit, tax compliance, treasury services, and Export Data Processing and Monitoring System (EDPMS) reconciliation.

Industry Context

Skydo joins a select group of companies authorized by the RBI to function as PA-CB entities, including Adyen India Technology Services, Amazon Pay (India), Cashfree Payments, IndiaIdeas.com, and Pay10 Services. This regulatory approval positions Skydo to elevate its service offerings and support the global growth of Indian businesses.