The RBI finally approves Skydo's operation as a cross-border payment aggregator

Skydo Gets RBI’s Final Nod to Operate as Cross-Border Payment Aggregator

New Delhi: Cross-border payments platform Skydo has received final authorisation from the Reserve Bank of India (RBI) to operate as a Payment Aggregator–Cross Border (PA-CB) entity, enabling it to facilitate overseas payment collections for Indian exporters.

With the approval, Skydo joins a growing list of fintech firms that have secured the licence since the RBI introduced the PA-CB framework to strengthen oversight of cross-border payment flows. Other licensed entities include Razorpay, Cashfree Payments, Amazon Pay, BillDesk and Adyen.

Skydo had received in-principle approval from the RBI in January 2025.

Founded in Bengaluru, Skydo primarily serves micro, small and medium enterprises (MSMEs), freelancers and startups exporting services and digital goods. The company said it works with over 30,000 customers across more than 50 cities and supports collections in over 30 currencies.

The platform allows Indian exporters to receive payments locally from overseas clients, with pricing linked to mid-market forex rates and faster settlement timelines. It also provides compliance documentation such as foreign inward remittance certificates (FIRCs) through integrations with partner banks.

“The licence will help us build stronger trust with SMB and enterprise customers, global banks and payments partners as we scale volumes and expand across products and corridors,” said Srivatsan Sridhar, cofounder and chief executive officer of Skydo.

Stricter Regulatory Framework

The PA-CB framework, notified by the RBI in 2023, mandates stricter norms around compliance, capital adequacy, data localisation and risk management for entities handling cross-border transactions.

Following the approval, Skydo said it plans to expand its product suite and add more trade corridors, including operationally complex markets for Indian exporters, such as parts of Africa.

In December 2025, Skydo raised $10 million in a funding round led by US-based Susquehanna Investment Group (Susquehanna Asia VC), with participation from existing investors Elevation Capital and Eximus Ventures.