Skydo Receives RBI Nod as Cross-Border Payment Aggregator
Skydo Technologies, a Bengaluru-based fintech firm, has received in-principle authorization from the Reserve Bank of India (RBI) to function as a Payment Aggregator-Cross Border (PA-CB) entity. This approval underscores Skydo’s commitment to providing compliant, seamless, and cost-effective cross-border payment solutions for Indian exporters.
Founded in 2022, Skydo serves over 12,000 Indian exporters, processing more than $250 million in annual export payments. The company offers a comprehensive suite of services, including invoicing, payments, and reconciliation, with transparent pricing and no markup on live mid-market forex rates. Additional features encompass digital onboarding with instant KYC, dedicated customer support, fast settlements, and streamlined regulatory compliance.
With the RBI’s in-principle authorization, Skydo plans to:
Scale Operations: Increase payment volumes tenfold over the next 18-24 months.
Expand Services: Support import payments and develop additional trade corridors globally.
Diversify Offerings: Introduce services such as credit, tax compliance, treasury services, and Export Data Processing and Monitoring System (EDPMS) reconciliation.
Skydo joins a select group of companies authorized by the RBI to operate 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 enhance its service offerings and support the international ambitions of Indian businesses.
| Why in News | Key Points |
|---|---|
| Skydo Receives RBI Nod | Skydo Technologies has received in-principle approval from the RBI to operate as a Payment Aggregator-Cross Border (PA-CB) entity. |
| Company Overview | Founded in 2022, Skydo serves 12,000+ Indian exporters, processing over $250 million annually. |
| Service Offering | Skydo offers invoicing, payments, reconciliation, transparent pricing, instant KYC, customer support, and fast settlements. |
| Strategic Plans | Plans to scale operations 10x in 18-24 months, expand to import payments, and diversify services (credit, tax compliance, EDPMS). |
| Regulatory Context | Skydo joins other firms like Adyen India, Amazon Pay India, and Pay10 in the RBI PA-CB entity list. |
| RBI Framework | The RBI’s Payment Aggregator framework supports cross-border payments for Indian businesses. |
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