Skydo

Skydo is a Bengaluru-based fintech startup founded in 2022 by Srivatsan Sridhar and Movin Jain to revolutionize cross-border B2B payments for Indian micro, small and medium enterprises (MSMEs) and freelancers. Operating under the RBI’s Payment Aggregator-Cross Border (PA-CB) license, Skydo simplifies international transactions by enabling businesses to receive payments seamlessly through virtual foreign accounts.

Core Products & Services

• Virtual Foreign Accounts: Businesses receive payments directly into local accounts via partner banks, avoiding complex SWIFT transfers.

• GST-Compliant Invoicing: Automated invoice generation, payment reminders and client ledger management.

• Real-Time FX Conversion: Live exchange rates with zero markup and a flat $29 transaction fee.

• Bulk Payout Solutions: Streamline payments to multiple Indian suppliers with automated compliance and reconciliation.

• Compliance & Analytics: GST-compliant FIRA (Foreign Inward Remittance Advice), payment tracking and business insights.

Unique Value Proposition

• Cost Efficiency: Reduces forex charges by up to 80% compared to traditional banks.

• Transparency: Flat pricing with no hidden fees, unlike competitors with complex fee structures.

• Speed: Payments settle within 1–2 days, vs. 3–5 days through banks.

• Compliance First: SOC2 certified, RBI-approved and integrated with global KYC/KYB protocols.

Business Model & Revenue Streams

1. Transaction Fees: Flat $29 fee per international payment received, regardless of amount.

2. FX Conversion Margin: Earns a small spread on currency conversions, though rates are far more competitive than banks.

3. Premium Services: Subscription plans for advanced features like bulk payouts and API integrations (in development).

4. Partnership Revenue: Revenue sharing with banking partners for facilitating transactions through their networks.

Customer Segmentation

• MSMEs: Indian exporters in IT services, consulting and manufacturing.

• Freelancers: Independent professionals serving global clients.

• Enterprises: Larger businesses seeking cost-effective bulk payment solutions.

Growth Strategy

• Geographic Expansion: Adding support for currencies in Australia, Japan and Southeast Asia.

• Product Innovation: Enhancing bulk payout tools and AI-driven compliance checks.

• Strategic Alliances: Partnering with platforms like Shopify and Amazon Global Selling to embed payment solutions.

• Regulatory Milestones: Securing additional licenses to offer multi-currency wallets and lending products.