Bengaluru-based cross-border payments platform Skydo has secured an international payment licence in Canada, becoming the first Indian cross-border payments company to receive regulatory approval overseas. The milestone marks Skydo’s first licence outside India and represents a significant step in its global expansion journey.
The newly acquired licence will allow Skydo to facilitate two-way payment flows between India and Canada, including local collections and payouts. The approval also enables the company to broaden its offerings beyond international collections and provide a wider range of cross-border payment services.
Canada has emerged as a key market for Skydo as the company looks to strengthen international trade and payment corridors. The country records annual exports and imports exceeding CAD 1 trillion, while bilateral trade between India and Canada currently stands at approximately CAD 13.6 billion. Both countries have expressed ambitions to increase this figure to CAD 70 billion by 2030.
With regulatory approvals in both India and Canada, along with its GIFT City licence, Skydo is positioning itself to support businesses, educational institutions, tourism operators, and service providers operating across the India-Canada corridor. The company also plans to help Canadian businesses manage global collections, local accounts, and supplier payments across multiple markets.
Commenting on the development, Srivatsan Sridhar, Co-Founder and CEO of Skydo, said the licence marks the company’s transition from being an India-focused cross-border payments platform to a multi-country payments operator.
He added that the Canada expansion allows Skydo to move beyond collections and offer seamless two-way payment solutions that can support growing commercial activity between India and Canada.
Movin Jain, Co-Founder of Skydo, said the company’s long-term vision is to build a global payments platform from India. According to him, the Canadian licence strengthens Skydo’s international footprint, enables local collections and payouts, and lays the groundwork for future growth across North America.
The expansion also brings Skydo into Canada’s regulated payments ecosystem under the Retail Payment Activities Act (RPAA), which is overseen by the Bank of Canada. Compliance with the framework requires strong operational controls, customer fund safeguarding measures, anti-money laundering systems, fraud prevention mechanisms, and regular regulatory reporting.
The company believes the Canadian licence will serve as a foundation for future expansion into other North American markets, including the United States.
Founded as a cross-border payments platform for businesses involved in global trade, hiring, and commerce, Skydo helps companies manage international collections and payouts with transparent pricing and compliance support.
Backed by Elevation Capital and Susquehanna Asia Venture Capital, Skydo currently serves more than 40,000 businesses, facilitates payments across over 150 countries, and processes nearly $1 billion in annualised transaction volume.
-By Shivani Solanki
