Bengaluru-based cross-border funds platform Skydo has obtained ultimate authorisation from the Reserve Financial institution of India (RBI) to function as a Cost Aggregator–Cross Border (PA-CB).

The approval follows in-principle authorisation granted in January final yr and locations Skydo amongst a small group of fintech companies cleared beneath the PA-CB regime.

The licence permits the corporate to facilitate cross-border cost collections as a regulated entity at a time when the central financial institution has tightened oversight of such actions by bringing them throughout the payment-aggregator framework.

Skydo permits exporters to gather regionally from worldwide purchasers, with clear flat-fee pricing, no markup on reside mid-market FX charges, and quick settlements. The platform offers prompt entry to compliance paperwork like FIRC by deep integration with associate banks, and affords a full suite of Accounts-Receivable instruments like Invoicing, Cost Reminders and Ledgering, and Integration with ERP / Accounting.

In response to the corporate, it serves greater than 30,000 prospects throughout over 50 cities and helps collections in additional than 32 currencies.

“The RBI authorization is a robust testomony to our understanding of the Cross-Border Funds house, Compliance-first tradition, safe programs and strong threat controls. It is a sturdy marker of belief for our prospects in addition to international financial institution companions,  particularly given India’s regulatory rigor and excessive bar for issuing such licenses, mentioned Awadhesh Ranjan, Head of Threat & Compliance at Skydo.

Commenting on the event, Srivatsan Sridhar, co-founder and CEO of Skydo mentioned, “Receiving the RBI’s ultimate PA-CB authorisation is a major milestone for us. It validates our method that constructing well-governed and scalable programs, and deep, compliant cost rails are foundational to constructing an end-to-end monetary working system for bold international companies. The license will assist us construct stronger belief with SMB and Enterprise prospects, World Financial institution and Funds companions as we scale our cost volumes considerably, and increase throughout merchandise and corridors,.”

Skydo mentioned it would proceed to deepen its product choices and increase protection throughout extra commerce corridors. It has launched a number of first-to-market choices for India’s rising MSME export sector, together with seamless native cost acceptance in troublesome corridors like Africa, and a collection of value-added providers like Invoicing, Analytics and Cost Reminders.

Based in 2022 by Srivatsan Sridhar and Movin Jain, Skydo raised $10 million in a Series A funding round in December final yr, taking its whole funding to $20 million.