Payments Startup Skydo Secures $5 Million in Funding from Elevation Capital and Others

• Skydo, a cross-border payment startup, has raised $5 million in a new equity round led by Elevation Capital, with participation from angel investors.
• This marks the second equity infusion for Skydo, following a $5 million raise in its first institutional round from Elevation Capital in 2022.
• Skydo supports small businesses and freelancers in accepting payments from outside India and is awaiting a cross-border payment aggregator licence from the Reserve Bank of India (RBI).
• CEO Srivatsan Sridhar mentioned plans to apply for a domestic payment aggregator licence to complete their product suite and support larger companies.
• Skydo processes payments from over 100 countries in 32 currencies, with an annual TPV run rate of $120 million, and aims to increase this fivefold by the end of the financial year.

Source: Economic Times