Transforming Cross-Border Payments: Skydo Co-Founder Movin Jain Shares His Vision

India’s cross-border payments system has long been a struggle for freelancers and small businesses. From high charges and delays to lack of transparency, many exporters face hurdles in getting their hard-earned money. In a recent episode of The Simple Hai! show with Vivek Law, Movin Jain, Co-Founder of Skydo, spoke about his journey, the challenges of global payments, and how Skydo is building a simple digital solution for Indian service providers.

Movin Jain’s Entrepreneurial Journey

Movin Jain’s story reflects persistence and purpose. Before launching Skydo in 2022, he worked with IIT Delhi, IIM Ahmedabad, a global investment bank, and leading Indian startups like PhonePe, Meesho, and Ola.

He first founded Gallery5, which was profitable but didn’t scale as expected. Returning to a corporate job gave him stability, but not fulfillment. “Once you cross the financial survival stage, you start asking how your work makes the world a better place. That’s when I knew I had to return to entrepreneurship,” he said.

His advice to young founders was simple: “Don’t chase someone else’s dream. Chase your own.”

Why Cross-Border Payments in India Need Change

Jain explained the many issues with the current system of receiving international payments:

• Manual and fragmented processes: Customers send money through multiple banks, emails, and phone calls, with very little automation.
• High costs and hidden fees: Multiple banks deduct charges, including currency conversion margins.
• Delays and errors: Payments often take days to clear, and sometimes even bounce back.
• Underserved SMEs: Banks give priority to big corporates, leaving freelancers and small exporters struggling.
• Regulatory hurdles: Compliance and lack of credit access add to the pain.

“Ten years ago, I didn’t know any freelancers. Today, I know thousands. But banking processes haven’t caught up with this reality,” Jain said.

Skydo’s Solution: Speed, Transparency, and Cost Efficiency

Skydo aims to replace outdated wire transfers with a digital-first system that is fast and simple. Jain explained that Skydo provides:

• Euro or USD virtual accounts for clients to pay locally, avoiding SWIFT hassles.
• INR settlement within one business day directly into Indian bank accounts.
• RBI-compliant automation with no extra paperwork.
• Full transparency with real-time tracking and predictable costs.

“It’s like having local payments but on a global scale,” Jain explained. “We want freelancers and SMEs to focus on their business, not chase payments.”

Business Payments, Not Personal Remittances

Jain clarified that Skydo is focused only on trade-related payments, such as services and exports. “Remittances are for NRIs sending money home. Our focus is on Indian businesses receiving money from global clients,” he said.

Skydo’s Roadmap: India First, Then Global

Skydo has big ambitions. Jain shared that the startup will first strengthen its base in India, where the export ecosystem is booming. Next, it plans to enter emerging markets such as Indonesia, the Philippines, and Mexico, which face similar problems. The long-term goal is to scale into developed markets and make cross-border payments seamless worldwide.

He added, “India has caught up significantly in fintech. Today, many global firms prioritise India for both talent and growth.”

Money, Success, and Work-Life Balance

When asked about money and success, Jain said that money is important, but impact matters more. “Social media shows overnight successes, but real success takes years of hard work. If you chase someone else’s dream, it won’t last,” he said.

On balancing his role as a founder, he shared that he works out at the gym 4–5 times a week, practices yoga twice a week, and follows a fixed schedule. Recently becoming a father also brought him joy and perspective.

The Bigger Vision: Enabling a Global India

Jain closed the conversation with optimism: “India’s trade is growing, but systemic problems remain. Skydo is here to solve these issues in payments and finance, so Indian freelancers and SMEs can compete globally.”

Summary

Movin Jain’s journey with Skydo shows how India’s fintech sector is stepping up to solve real-world problems. By digitising and simplifying cross-border payments, Skydo hopes to empower millions of freelancers and small businesses, starting from India and moving to the world.