The Canadian licence enables local collections and payouts, strengthens the India-Canada corridor, and marks Skydo’s first step as a multi-country payments operator.
Bengaluru: Skydo, a cross-border payments platform, has secured an international payment licence in Canada, becoming the first Indian cross-border payments platform to be licensed overseas. The approval marks Skydo’s first regulatory milestone outside India and a major step in its global expansion.
The licence enables Skydo to support two-way payment flows between India and Canada, including local collections and payouts, while expanding beyond international collections into a broader suite of cross-border payment services.
Canada is a strategic market for Skydo. The country’s annual exports and imports collectively exceed CAD 1 trillion, while India-Canada bilateral trade stands at approximately CAD 13.6 billion, with ambitions to grow to CAD 70 billion by 2030.
With licences in India and Canada, along with its GIFT City approval, Skydo is well-positioned to support this corridor across trade, education, tourism and business services. Skydo also plans to support Canadian businesses with global collections, local accounts and supplier payments across multiple countries.
“Securing our first international licence marks Skydo’s evolution from an India-focused cross-border payments platform to a multi-country payments operator,” said Srivatsan Sridhar, Co-Founder and CEO of Skydo. “With Canada, we are expanding beyond collections to enable seamless two-way payment flows and support growing India-Canada commerce.”
“Our ambition is to build for the world, from India,” said Movin Jain, Co-Founder of Skydo. “Canada strengthens our global footprint, enables local collections and payouts, and creates a strong foundation for future expansion across North America.”
The expansion brings Skydo into Canada’s regulated payments ecosystem under the Retail Payment Activities Act (RPAA), overseen by the Bank of Canada. It requires robust controls around operational risk, safeguarding customer funds, anti-money-laundering compliance, fraud prevention and regulatory reporting.
The Canadian licence creates a foundation for Skydo’s future growth across North America, including the United States.
