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RBI Grants Final PA-CB License to Skydo
Bengaluru-based fintech startup Skydo has secured its final Payment Aggregator-Cross Border (PA-CB) authorisation from the Reserve Bank of India. This crucial regulatory approval follows an in-principle nod granted last year and places Skydo among a select group of companies cleared under the central bank's enhanced oversight regime for cross-border payment activities.
Streamlining Exporter Collections
The licence empowers Skydo to legally facilitate cross-border payment collections for exporters. The platform offers features like flat-fee pricing, mid-market FX rates without markups, and rapid settlements. It integrates with partner banks for immediate access to compliance documents such as FIRC and provides a comprehensive suite of Accounts Receivable tools, including invoicing, payment reminders, and ledgering. Skydo currently serves over 30,000 customers across more than 50 cities and supports collections in over 32 currencies.
Compliance and Trust Validation
Awadhesh Ranjan, Head of Risk & Compliance at Skydo, stated the authorization is a testament to their expertise, compliance culture, and secure systems, underscoring trust for customers and global partners amidst India's stringent regulatory environment. Srivatsan Sridhar, co-founder and CEO, called it a significant milestone, validating their strategy to build well-governed, scalable systems for ambitious global businesses. He expects the license to boost trust and payment volumes as they expand services and trade corridors.
Expanding Services and Reach
Founded in 2022 and having raised $20 million in total funding, Skydo plans to deepen its product offerings and expand its reach across more trade corridors. The company aims to further serve India's growing MSME export sector with innovative payment solutions.