Forbes India 15th Anniversary Special

Safeguarding cross-border business: A tale of trust and resilience

Skillmatics and Payoneer: Safeguarding cross-border business amidst crisis with unwavering support

Published: Jun 27, 2023 04:30:00 PM IST
Updated: Jun 27, 2023 10:44:35 AM IST

Safeguarding cross-border business: A tale of trust and resiliencePicture this: a world where children are captivated by meaningful, immersive learning play experiences, their eyes brimming with wonder and their minds brimming with knowledge. As a parent, you've probably found yourself grappling with the challenges of balancing your child's screen time with their need for real-world interactions and learning.  

Skillmatics was born after I witnessed my 3-year-old nephew attempting to swipe an early learning book, momentarily mistaking it for an electronic device. On the journey of consulting numerous parents to understand their concerns, I discovered a shared worry. Parents today want to provide their children with meaningful play experiences that drive social interaction and build formative skills.

That's why, fuelled by a shared vision, my co-founder and I set out to revolutionise how children learn and play. This revelation prompted me to make a life-changing decision: leaving my job at Boston Consulting Group and investing $50,000 to bring Skillmatics to life. The birth of Skillmatics is driven by a desire to address the constant battle of increasing screen time and diminishing real-world interactions for children. We embarked on a journey to create playful learning experiences that capture children's imaginations, inspire their curiosity, and ignite a lifelong love for learning.

Safeguarding cross-border business: A tale of trust and resilience Skillmatics is not just another toy and game company. We are pioneers of change, on a quest to empower children with skills that will shape their futures. Our products have made waves in the $100 Billion global toys and games market, but our impact goes far beyond mere entertainment. We take pride in offering a diverse range of products that not only captivate young minds but also enhance reading abilities, foster logical reasoning skills, promote STEM education, and nurture social-emotional growth. We understand the importance of equipping children with the tools they need to thrive in a rapidly evolving world.

Furthermore, we've forged partnerships with retailers like Amazon, Walmart, Target, and Hamleys, making our products easily accessible to parents across the world who share our vision. Together, we strive to strike the perfect balance between technological advancement and holistic development. By infusing play with purpose, we unlock the true potential of every child.

All this may sound like a seamless journey, but as entrepreneurs, my co-founder and I have encountered our fair share of challenges along the path to achieving something extraordinary. Ensuring our company continues to grow rapidly is a primary objective that we strive for every day. Unfortunately, the recent collapse of a prominent global bank sent shockwaves through the business world, and I found myself among the entrepreneurs impacted by this crisis. During the crisis, I faced difficulties accessing my funds briefly, impacting business operations. I encountered operational challenges as I was unable to make or receive payments. The crisis created uncertainty urging me to take immediate action to protect company funds and ensure the uninterrupted flow of operations.
In times like these, it becomes crucial to collaborate with a financial partner who can safeguard our hard-earned funds and maintain the smooth functioning of the business. We reached out to Payoneer, our trusted financial partner for four years.

Skillmatics and Payoneer have maintained a fruitful partnership for almost four years. Payoneer has enabled us to receive payments from global marketplaces by providing us with local receiving accounts in multiple currencies. During our 4 years of partnership, Skillmatics started business expansion on Amazon & Walmart in multiple geographies such as the US, Australia, Canada, Europe, the UK, and Japan.

During the crisis, Payoneer enabled us to set up a parallel facility by issuing a credit card within 24 hours. This enabled us to make cross-border transactions, pay suppliers and utilise digital platforms from our account uninterrupted. Owing to this support, we have not only been able to navigate the crisis but also managed to continue our business operations efficiently. They went above and beyond by assigning a dedicated customer success manager to address any concerns or issues we might have had.

Reflecting upon this experience, I cannot emphasize enough the significance of a financial partner for growth like Payoneer in facilitating seamless cross-border business. This experience has been a significant milestone in our journey, establishing a long-term relationship with a trusted financial partner. Their unwavering support during times of crisis, ensuring the safeguarding of our funds, has been invaluable in helping us navigate through unforeseen circumstances and challenges.

So, from navigating the intricacies of the ever-evolving market to overcoming obstacles in product development, we've faced setbacks, learned valuable lessons, and emerged stronger than ever. We believe that true success lies not in the absence of challenges but in our ability to rise above them, fuelled by our unwavering dedication to transforming the lives of children and families worldwide. Our capacity as a team at Skillmatics knows no bounds as we have evolved stronger and are committed to making our vision a reality.

The pages slugged ‘Brand Connect’ are equivalent to advertisements and are not written and produced by Forbes India journalists.