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Cross-border payments platform Skydo has secured $5 million in a pre-Series A funding round led by existing investor Elevation Capital.

Skydo had earlier raised $5.2 million in a seed round led by Elevation Capital in 2022.

“This investment will help us acquire payments licences across geographies, expand internationally and enable customers to send and receive business payments across multiple countries,” said Srivatsan Sridhar, Co-founder and CEO, Skydo, in a statement.

The funds will also help strengthen compliance and enhance risk monitoring, said Skydo.

Founded in 2022 by Srivatsan Sridhar and Movin Jain, Skydo aims to simplify cross-border payments for SMB exporters, enterprises, and freelancers by offering a flat-fee pricing model.

Skydo claims its international payment solution simplifies the payment process and ensures that businesses save up to 80% of their forex transaction costs when dealing with international clients.

The platform processes payments in 32 currencies and supports over 6,000 Indian exporters. It has processed payments of over $100 million since inception, said the statement.

“Over the past year, Skydo has achieved 10x growth. Our goal is to empower exporters and enterprises to operate seamlessly on a global scale, aiming to process $750 million by 2025 ,” said Movin Jain, Co-founder, Skydo.

“We are confident that Skydo will drive significant improvements in how businesses handle international transactions and deliver unmatched value for SMBs and enterprises. We look forward to supporting them in their mission to streamline global financial operations and set new benchmarks in the payments sector,” said Mridul Arora, Partner, Elevation Capital.

Skydo operates under the RBI’s OPGSP (online payment gateway service provider) framework, which serves as the primary payment method for over 3 lakh MSME exporters across India. The company has also applied for the cross-border payment aggregator licence from the RBI to expand its services.