Skydo: A Game-Changer in Cross-Border B2B Payments
When Movin Jain and Srivatsan Sridhar launched Skydo in February 2022, their vision was to revolutionize the financial technology landscape. The Bangalore-based startup has been designed to streamline cross-border B2B payments, effectively reducing forex charges for businesses by over 50%. In a world where global transactions often become entangled in complex processes and high costs, Skydo emerges as a swift and cost-effective solution.
Revolutionizing Cross-Border Payments
In today’s world of global business, currency conversion rates and transaction fees can often put a significant strain on businesses, particularly small ones. Skydo addresses this issue head-on, providing Indian service providers with the ability to set up global virtual accounts in a matter of minutes. In collaboration with top-tier banks worldwide, the company offers foreign virtual accounts for receiving payments and converting currencies at real-time exchange rates. The pricing model is transparent, with a flat transaction fee and zero markup on currency conversion.
Impressive Growth and Funding
Skydo’s innovative approach and lucrative offerings have not gone unnoticed. The fintech startup has attracted a seed funding of USD 5.2 million from Elevation Capital. With a strong presence not only in Bangalore but also in Delaware and Singapore, Skydo is making waves in the financial technology sector. The company’s rapid growth is evident in its user base, serving over a thousand companies and processing nearly $4 million in payments each month.
Focus on Small Businesses and Future Plans
At the heart of Skydo’s mission is the ambition to simplify payment processes for small businesses in the service sector, such as IT, BPO, and other professional services. The platform’s unique selling proposition (USP) is the trifecta of convenience, compliance, and cost-efficiency it provides. Looking ahead, Skydo plans to expand into other segments like manufacturing exports and to enhance its product features. This includes supporting additional payment methods and instant settlements, thereby further positioning itself as a game-changer in the realm of international payments.
Credit: Source link