Cross-Border Payments Platform Skydo Raises $10Mn led by Susquehanna Asia VC to Power India’s USD 2Tn Export Ambition

Skydo founders Srivatsan Sridhar and Movin Jain

Skydo, India’s leading cross-border payments platform for exporters, has raised USD 10 million in Series A funding led by Susquehanna Asia Venture Capital, with participation from existing investor Elevation Capital.

The Bengaluru-based company serves over 30,000 Indian MSMEs, freelancers, and startups across 50+ cities, processing payments in 32+ currencies. Skydo was among the first to receive the Reserve Bank of India's In-Principle authorisation as a Payment Aggregator - Cross Border (PA-CB).

Rapidly Growing Exports, Broken Payments

India aspires to export services and goods worth USD 2 trillion by FY30, fuelled by hundreds of thousands of ambitious MSMEs, freelancers and startups. Yet, these exporters often lose 3-7% of their revenue to hidden forex mark-ups and opaque fees. Client payments take days, while subsequent documentation and compliance can extend into weeks and months.

Skydo is building the financial Operating System for Indian exporters - Skydo customers can collect payments locally from clients across countries. These payments are then processed at zero forex fees, transparent flat-fee pricing and 24-hour settlement. The platform instantly generates compliance documents like FIRA, and provides a full suite of accounts receivable tools like invoicing, payment reminders and accounting integration.

Indian exporters are second to none in their global ambition. Skydo aims to enable them with world class payment infrastructure built from India for the world," said Srivatsan Sridhar, co-founder and CEO of Skydo. "This funding fuels our mission to build the financial operating system for global commerce - from collections, payouts, card acceptance, compliance automation, and accounting reconciliation.

Until now, the only options for an Indian MSME exporter to receive payments have been traditional banks or global platforms like PayPal, Wise or Payoneer. Banks charge opaque fees and have lengthy, manual processes for compliance, while global platforms deduct up to 10% of invoice values as fees, and aren’t natively built for Indian exporters’ needs.

“Skydo has simplified our cross-border payments and cut our finance costs dramatically. Their fixed fees and mid-market rates give us full predictability and better value than any bank we’ve worked with,” said Sushant Yadav, founder of marketing agency Optimite.

“I started using Skydo shortly after their launch, and I’ve been a fan ever since. Skydo saved me from haggling with banks on FX rates every time I received a payment, and we’ve saved thousands of hard-earned dollars since switching,” said Abhishek Agarwalla, Co-founder and CEO of AI interviewing company Fabric.

“What really stands out, though, is how customer-obsessed they are. I still remember the entire Skydo team, including Movin and Srivatsan, showing up at our office to listen to our problems firsthand. Most products make money, but Skydo has earned something far rarer: customer trust."

Scaling to USD 5Bn and Beyond

Skydo grew 4X in the past year, and is targeting USD 5 billion in annualized payment volume within two years.

“We’re demonstrating that India has the talent, compliance muscle, and regulatory clarity to build global financial infrastructure from here, for the world,” said Movin Jain, co-founder of Skydo . “With this round, we aim to expand our global footprint and secure payment licences in key geographies.”

According to Bhavanipratap Rana, Investment Advisor to Susquehanna Asia VC, “India's evolving cross-border payment landscape, with the introduction of the new PA-CB framework, demands high-quality, focused players with a technological edge. Skydo’s focus on solving the real costs of cross-border transactions – opacity, time, compliance risk, and working capital blockage is a clear differentiator. We are excited to partner with a company that meets the high bar for technological and risk capabilities set by the regulator, and we believe their model is perfectly suited to capturing high-volume B2B business.”

Talking about the investment, Mridul Arora, Partner, Elevation Capital said, "Since partnering with Skydo at their inception, we have been incredibly impressed by the team’s speed, execution, and unwavering product focus. They have done a stellar job scaling the platform 4X in the last year alone, building what is truly a customer-centric international payments powerhouse. We are thrilled to support this next phase of growth as Skydo continues to dismantle barriers and make global trade friction-free and seamless for Indian exporters."

What This Round Unlocks

The new capital will unlock:

• Geographic expansion: Local collections across 20+ countries in Latin America, Africa, South East Asia and the Middle East
• Global licensing: regulatory licenses in key international markets
• Card infrastructure: Scaling InstaLinks to enable card acceptance for more exporters at half the cost of legacy gateways
• Deeper compliance suite: Enhanced reconciliation and reporting tools to reduce back-office overhead
• Developer platform: APIs and webhooks for SaaS companies, marketplaces, and fintechs to embed Skydo's global payment rails

PayPal World Debuts: UPI Goes Global in Cross-Border Payments Revolution

PayPal has just announced a major leap in global payments with the launch of PayPal World, a cross-border platform that integrates India’s Unified Payments Interface (UPI)—a move poised to reshape international commerce.

What Is PayPal World?

A global interoperability platform connecting major digital wallets and payment systems.

Launch partners include:

• NPCI International Payments Limited (India’s UPI operator)
• Tenpay Global (Tencent’s Weixin Pay, China)
• Mercado Pago (Latin America)
• Venmo (PayPal’s social payments app)

UPI Goes Global

• UPI, which accounts for 85% of India’s retail digital payments, will now be usable for international transactions via PayPal World.

Indian users can:

• Pay on foreign e-commerce sites using UPI.
• Send money abroad without needing cards or remittance apps.
• Use PayPal to pay via UPI in rupees, even when shopping globally.

Key Features

Interoperability: Users can pay using their local wallets across borders.

No extra merchant integration: Businesses automatically accept new wallets added to the platform.

Venmo-PayPal Interoperability: Users can send money between the two globally.

Future-ready: Supports stablecoins, AI-driven shopping, and dynamic payment buttons.

Strategic Implications

• Positions India’s UPI as a blueprint for global digital payments, with ongoing talks in Africa and South America.
• Enhances PayPal’s reach to 2 billion+ users across high-growth markets.
• Bridges fragmented payment infrastructures, simplifying remittances and e-commerce.

NPCI Expands UPI-PayNow Corridor with 13 New Banks, Boosting Cross-Border Access Between India and Singapore

NPCI International Payments Limited (NIPL) the international arm of National Payments Corporation of India (NPCI) has further enhanced the UPI-PayNow real-time payment linkage by adding 13 more banks on the platform, extending its reach and simplifying cross-border remittances between India and Singapore. With this development, which will go live on July 17, 2025, users in both countries can remit funds to a wider base, making the service more accessible and convenient.

The expanded network for remittances to India now includes 19 banks – Bank of Baroda, Bank of India, Canara Bank, Central Bank of India, Federal Bank, HDFC Bank, IDFC FIRST Bank, IndusInd Bank, Karur Vysya Bank, Kotak Mahindra Bank, Punjab National Bank, South Indian Bank, and UCO Bank alongside Axis Bank, DBS Bank India, ICICI Bank, Indian Bank, Indian Overseas Bank, and State Bank of India.

Recipients in India can receive remittances from Singapore in their accounts held with any of these 19 banks through their preferred UPI enabled apps such as BHIM, Google Pay and PhonePe, as well as bank apps. Outward remittances from India to Singapore is available through Canara Bank, HDFC Bank and Karur Vysya Bank along with ICICI Bank, Indian Bank, Indian Overseas Bank and State Bank of India. In Singapore, customers of DBS SG and Liquid Group can avail this service.

The UPI-PayNow service was launched as a joint initiative between the Reserve Bank of India (RBI) and the Monetary Authority of Singapore (MAS). It facilitates real-time cross-border fund transfers between individuals, where Indian users can receive funds via UPI ID and send funds to users in Singapore via their mobile number or Virtual Payment Address (VPAs). As the world’s first cloud-based, real-time cross-border payment system, the initiative is a pioneering step in global payment connectivity.

This development is particularly beneficial for the Indian diaspora in Singapore, including migrant workers and students, bringing the ease of digital payments to everyday remittances. UPI is already accepted via QR codes at select merchant outlets in Singapore, further extending its utility.

Ritesh Shukla, MD & CEO, NPCI International said, “The expansion of the UPI-PayNow linkage marks a step forward in strengthening cross-border payment infrastructure. By enabling access to more banks in India, we are deepening the reach of real-time remittances and supporting greater financial connectivity between the two countries. This brings added convenience to users through a seamless and trusted platform”.

UPI-PayNow integration enables real-time cross-border remittance transactions, with funds reaching the recipient’s bank account within seconds. The service leverages strong security protocols to ensure safe and reliable transfers. It is ideal for small and frequent remittances, providing users with a convenient and cost-effective way to send and receive money anytime.

About NPCI International:

NPCI International Payments Limited (NIPL) was incorporated on April 3, 2020, as a wholly owned subsidiary of the National Payments Corporation of India (NPCI). As NPCI’s international arm, NIPL is devoted to deploying NPCI’s indigenous, successful real-time payment system—Unified Payments Interface (UPI) and card scheme (RuPay) outside of India. NPCI has successfully developed and proved its products and technological capabilities in the domestic market by transforming the payment segment in India. Currently, there are several countries that seek to establish a real-time payment system or a domestic card scheme. NIPL, with its knowledge and experience, can offer these countries technological assistance through licensing and consulting for building real-time payment systems to meet the rapidly evolving needs of fast-growing global businesses. NIPL focuses on transforming payments across the globe through technology and innovation. It will not only enable payments for Indians but also support other countries by enhancing their payment capabilities using technological assistance, consulting, and infrastructure.

For more information visit, nipl.com

Mastercard Unveils Near Real-Time Cross-Border Payments for Banks

Mastercard has introduced a groundbreaking innovation called Mastercard Move Commercial Payments. This new solution aims to revolutionize cross-border payments for banks by enabling near real-time, predictable, and transparent commercial cross-border payments.

The solution facilitates payments that are almost instantaneous, 24 hours a day, 365 days a year. Banks and their customers gain end-to-end visibility, making cross-border transactions more predictable and transparent.

The innovation simplifies operations for banks, optimizing liquidity and reducing counterparty risk. It is fully compatible with existing correspondent banking arrangements between respondents and correspondents. Large clearing banks can extend the service to their institutional customers with minimal changes to their current processes.

Value added services tailored for a bank’s unique needs, including innovative risk control services and fraud analytics.

The solution is designed to support the growing demand for cross-border payments as businesses expand their international operations.

This innovation was revealed at the annual Sibos conference in Beijing and is expected to bring the efficiency of domestic payments to the cross-border payment space.

 

In a pilot in the UK with Lloyds Banking Group and UBS, using Fnality as the settlement venue, Mastercard Move Commercial Payments is being used to deliver near real-time, around-the-clock cross-border transfers.

Mastercard Move Commercial Payments is part of the Mastercard Move portfolio of money transfer capabilities that enables people and businesses to move funds quickly and securely, both domestically and internationally.

To recall, Citi and Mastercard have joint solutions for Mastercard debit cards aim for near real-time transfers. Besides Citi, Alipay too have partnered with Mastercard to expand its services to allow consumers to receive money in their digital wallets, facilitating cross-border transactions.

Visa Direct enables near real-time cross-border money movement, allowing funds to be available within 30 minutes. PayPal too offers near real-time transfers, especially when linked to debit cards. Western Union generally provides near real-time transfers, depending on the recipient's location and delivery method.

However, Mastercard Move Commercial Payments stands out from other cross-border payment solutions in several ways. While other solutions offer near real-time transactions, Mastercard Move Commercial Payments emphasizes 24/7 availability and 365 days a year.

Mastercard Move provides end-to-end visibility and predictable transaction times, which is crucial for businesses managing international operations. The solution optimizes liquidity and reduces counterparty risk, simplifying operations for banks. It includes a multilateral arrangement to reduce counterparty risk and ensure certainty in end-to-end transaction clearing.

Additionally, Mastercard Move has Flexible Settlement Options. Banks can optimize liquidity without affecting foreign exchange and deposit-related revenues.

These features make Mastercard Move Commercial Payments a comprehensive solution designed to address the pain points of cross-border payments more effectively than some of its competitors.

Iran and Russia Developing CBDC, Tokenized Assets for Payments for Cross-Border Transactions

Iran has confirmed its collaboration with Russia on developing Central Bank Digital Currencies (CBDC) and tokenized assets for payments. This initiative is part of their efforts to facilitate trade transactions and mitigate the impact of sanctions, as both countries are currently unable to use SWIFT for cross-border payments and have limitations on trading in dollars or euros.

The two nations are exploring the use of Iran's crypto-rial and Russia's digital ruble for bilateral trade. The move is seen as a way to simplify trade transactions and resolve issues related to fiat currency conversion rates, which can lead to significant business operation costs.

Due to US sanctions, Iran and Russia are unable to make settlements in Dollars and Euros, Russia and Iran have switched to the use of national currencies, said Maxim Chereshnev, chairman of the board of the Council for the Development of Foreign Trade and International Economic Relations. However, difficulties arise with conversion. And also due to the inconsistency of the market rate in Iran with the state. "Starting payments through CFA and digital currencies of central banks can simplify trading", Chereshnev said with surity.

The two countries have strengthened their economic ties, with Russia being one of Iran’s largest trading partners. Russia has invested in Iran’s energy sector, and the two countries have discussed cooperation in areas such as transportation and infrastructure development.

Russia has recently passed legislation allowing the use of digital financial assets (DFAs), such as tokenized gold, for cross-border payments, which is a shift from their previous stance where such assets were not permitted for payments. This change is aimed at circumventing sanctions and facilitating international trade between Russia and Iran.

The practical implementation of these digital currencies and assets is still under development, with cross-border CBDC settlements expected to be possible starting January 1, 2025, following the establishment of the necessary legal framework in Russia. This collaboration marks a significant step in the use of digital currencies in international trade, particularly among countries facing economic sanctions.

Experts say that, CBDCs can significantly improve the efficiency of cross-border payments by reducing the time it takes to process transactions. Traditional cross- border payments can take several days due to the involvement of multiple intermediaries, but CBDCs can streamline this process.

As of March 2024, there are a few countries that have functioning CBDCs and are exploring or using them for cross-border transactions.

The Bahamas, Jamaica, and Nigeria have functioning CBDCs. Moreover, the 5-Nations group – Brazil, Russia, India, China, and South Africa (BRICS), along with new members like Saudi Arabia, Iran, and the UAE, are in the pilot phase of CBDC exploration for cross-border wholesale transactions.

Australia and China are among the countries piloting use cases for their CBDCs, which may include cross-border transactions.

Additionally, SWIFT, the global provider of secure financial messaging services, has been working on solutions to enable financial institutions to incorporate CBDCs and other digital assets into common business practices, which includes cross-border transactions. This indicates a growing trend towards the adoption of CBDCs in international trade and finance.