Fintech Skydo set to expand to US after $10 million Series A round

Cross-border payments fintech Skydo is expanding to the United States (US) after the company raised $10 million in a Series A funding round led by Susquehanna Asia Venture Capital, with participation from existing investor Elevation Capital.

 

The Bengaluru-based company is targeting US-based small and medium businesses (SMBs) as part of its expansion plan.

 

With this, the entity is eyeing a share of the US market worth $1 trillion in total payments value, Movin Jain, co-founder, Skydo, told Business Standard.

 

The company had previously raised $5 million in funding in 2024.

 

“Now is the time for us to spend some more time in international markets. We will be starting with expanding to the US and over time we want to expand to other countries. The vision is that any company in any part of the world should be able to make or receive payments to any other company in a different part of the world,” Jain explained.

 

At present, Skydo serves over 30,000 micro, small and medium enterprises (MSMEs), freelancers, and startups in India.

 

It has received the Reserve Bank of India’s (RBI) in-principle approval to operate as a payment aggregator-cross border (PA-CB).

 

The company is targeting $5 billion in annualised payment volume within two years.

 

Apart from the utilisation of funds to expand globally, the firm is planning to roll out features to its existing product suite, expansion of its distribution network and product development.

 

“We are already doing export payments. We want to do import payments and a few other innovations that are lined up in our roadmap. We also want to continue expanding our distribution through various channels,” Jain explained.

 

Jain said that once the company’s global expansion takes off, a majority of its revenue will come from outside the Indian market.

 

The company further stated that the Series A round will unlock local collections across over 20 countries in Latin America, Africa, South East Asia and the Middle East, along with regulatory licensing in key markets.