Bengaluru, 23rd August 2024 – Banking Circle, a fully licensed next generation bank with central bank access, has entered a strategic partnership with Skydo, India’s leading cross-border payments platform for Micro, Small and Medium sized Enterprises (MSMEs) and freelancers. The collaboration aims to support Indian businesses operating globally by providing them with seamless, efficient and cost-effective payment solutions, enabling them to thrive in international markets.

Skydo is dedicated to making international transactions as seamless as local ones by eliminating high costs and lengthy settlement periods. Its transparent flat-fee pricing model, featuring real-time exchange rates and zero processing fees, allows India’s fast-growing Small and Medium Business (SMB) exporters to save up to 80% on forex transaction costs, streamlining payments and boosting profitability.

This collaboration with Banking Circle enables Skydo’s customers to offer their buyers in the UK and EU a broader range of local payment options. It also allows Skydo to expand its cross-border collection capabilities into new markets like Australia, aligning with Skydo’s commitment to saving Indian businesses $1 billion in FX fees over the next three years.

“At Skydo our mission is to simplify cross-border payments, making them affordable, transparent, and fully compliant for Indian businesses, and this partnership with Banking Circle aligns perfectly with that goal”, said Srivatsan Sridhar, Co-Founder and CEO, Skydo. “We are constantly in search of global rails that make payments faster, cheaper and more compliant and Banking Circle fits seamlessly with this objective. By leveraging Banking Circle’s global network, we can help more and more Indian businesses expand their operations globally.”

Mishal Ruparel, Chief Commercial Officer at Banking Circle added: “We are thrilled to support Skydo’s vision to help Indian merchants expand internationally. By leveraging Banking Circle’s virtual accounts as well as our local and cross-border payment rails, Skydo can streamline the payment process for its clients, reducing both costs and transaction times and opening new, exciting markets.”

Banking Circle and Skydo are financial modern technology platforms strongly committed to governance, compliance and reducing the costs associated with global payments. With a direct banking partner and a single API integration to Banking Circle’s infrastructure, Skydo can now offer its merchants a broader array of local payment and fund collection options.

This mutual partnership is expected to expand further as Banking Circle grows its presence in Asia and Skydo plans to introduce more currency options and payout capabilities for Indian businesses.