This is an era of digital payment and it is swift as well as frictionless for everyday transactions. Cross-border payments still lag behind, burdened by high fees, long delays and hidden charges. Bengaluru-based fintech startup Skydo is making waves with the aim to make international payments easy and cost-effective using India’s Unified Payments Interface (UPI).
Skydo was founded by Srivatsan Sridhar and Movin Jain in 2022. It has lately secured $5 million pre-Series A funding led by Elevation Capital and highlights the potential of startups and confidence of investors in its ability in disrupting payment networks. It is dedicated to solving real problems for MSMEs (Micro, Small, and Medium Enterprises). Banks often prioritize large corporate and MSMEs have been left grappling with slow transaction processing, exorbitant fees as well as minimal transparency. Skydo steps in with a promise of a flat fee structure and next-day payment processing.
India’s global export segment has been evolving rapidly but the cross-border payments infrastructure has remained outdated. The alignment of Skydo with the Reserve Bank of India’s Payment Aggregator-Cross Border (PA-CB) regulation places it in a strategic position to drive change.
The internationalization of UPI and the National Payments Corporation of India’s (NPCI) global alliances bring new opportunities to the forefront. The success of UPI in the domestic market has already drawn international attention and it could bring a transformative change to cross-border trade.
Building a strong foundation for the new model requires more than technological infrastructure. Skydo has been proactive in building trust and partnering with various global banks. The approach shows an understanding that MSMEs need innovation and also reassurance that their payments will be safe.
The plans of Skydo for growth are ambitious and it is set to expand footprint across global markets to reach more corridors. The vision is refreshing in a space that has been long dominated by slow-moving institutions.
