Company Overview
Skydo is an emerging fintech company founded in 2022 and headquartered in Bengaluru, Karnataka. The company aims to simplify global transactions by making cross-border payments as effortless as domestic ones. Under the Reserve Bank of India's PA-CB framework, Skydo has formed strategic partnerships with prominent global banks such as DBS Bank, PPRO, and Currencycloud (a VISA company) to offer quick, transparent, and cost-effective solutions for international payments.
Key Features and Services
Skydo’s platform is designed to facilitate seamless and affordable international payments, especially for businesses in India. It offers:
- Real-time Payment Tracking: Enhances user trust and transparency by providing comprehensive visibility over transactions.
- Cost Efficiency: Boasts reduced foreign exchange charges by over 50% via zero foreign exchange margins and flat fees.
- Compliance Features: Includes GST-compliant Foreign Inward Remittance Advice (FIRA), crucial for legal compliance.
- Flat-fee Pricing Model: Offers a fixed, transparent fee structure, simplifying financial forecasting and management.
- Currency and Payment Capacity: Processes payments from over 150 countries in 32 different currencies, handling more than $100 million annually.
Skydo targets over 10,000 businesses and freelancers in India, offering significant savings and improved transaction clarity.
Financials and Funding
Skydo has processed over USD $100 million through its platform, indicating strong growth and market acceptance. It recently closed a $5 million pre-Series A funding round led by Elevation Capital, aimed at accelerating product development and expanding operational capabilities. The company is also supported by over 50 leading fintech founders and industry leaders, focusing on enhancements in credit, tax compliance, and treasury services.
Leadership
- Srivatsan Sridhar
- Role: Founder
- Background: With more than 15 years of professional experience, including stints at McKinsey, Rupeek, and Ola, Srivatsan also managed a family-owned automotive export business. He leverages this experience to address international payment transaction challenges, focusing on technology-driven solutions.
- Movin Jain
- Role: Co-Founder
- Education: Graduate of IIT Delhi and IIM Ahmedabad.
- Background: Former trader at Barclays Bank, London, with product leadership roles at InMobi, Ola, and PhonePe. Movin excels in developing internet products that simplify global user transactions, strengthening Skydo's mission to transform cross-border payments.
Recent Developments
Skydo received an in-principle authorization from the Reserve Bank of India to operate as a Payment Aggregator-Cross Border (PA-CB) entity. This regulatory endorsement allows for expansion into additional services like treasury operations and tax compliance.
Partnerships and Industry Position
Skydo has collaborated with Banking Circle to enhance its cross-border payment solutions, increasing platform usability and reach. The partnership facilitates service diversification and bolsters its global clientele service capacity.
Competitors
Skydo operates in a competitive landscape with notable rivals including:
- Adyen: Known for its extensive financial technology solutions and global reach.
- XFlow: Focuses on developer-centered solutions for cross-border payment processes.
- Wise (formerly TransferWise): Offers low-cost international money transfers and multi-currency accounts with transparent fees.
Market Strategy
Skydo’s market strategy emphasizes developing a frictionless and cost-effective platform that rivals conventional banking methods. It aims to streamline B2B international transactions for SMEs and large enterprises. By offering an intuitive user interface and straightforward pricing structure, Skydo attracts businesses seeking to lower operational costs while ensuring transaction transparency through real-time tracking features.
In essence, Skydo positions itself as a formidable competitor within the fintech space, driven by innovative platform features, strategic partnerships, and a focus on cost reduction.
