Skydo secures IFSCA licence to expand cross-border payments

By Divya Shah

Why it matters: Skydo’s approval highlights GIFT City’s growing importance as a global financial hub. The licence could accelerate innovation in multi-currency accounts, cross-border payments and trade finance infrastructure, creating new opportunities for FinTechs serving exporters, investment platforms and internationally connected businesses.

Skydo, a cross-border payments platform serving Indian businesses, secured final authorisation from the International Financial Services Centres Authority (IFSCA) to operate as a Payment Service Provider (PSP) at Gujarat International Finance Tec-City (GIFT City) International Financial Services Centre (IFSC). 

The approval followed the in-principle authorisation granted in May 2026 and enabled the company to expand its portfolio of cross-border payment products from GIFT City. These planned offerings included multi-currency accounts, merchant acquiring and collection services, as well as payment infrastructure for exporters, investment platforms, trade finance providers and businesses operating within the IFSC ecosystem. 

A product under development is an IFSC-based multi-currency account designed for eligible Indian exporters. The solution is expected to allow businesses to collect and hold foreign currencies, make payments to overseas suppliers and convert funds when required, subject to regulatory guidelines. 

The licence also opened opportunities for Skydo to support global investment platforms, trade finance providers and outward payment flows. The company said it plans to develop payment infrastructure for businesses offering access to overseas investments, including US equities, while also supporting collection and settlement services for export factoring and trade finance firms. 

Awadhesh Ranjan, Head of Risk & Compliance at Skydo, said, “Securing this licence from IFSCA strengthens the foundation we are building on: payments that are simple for our customers and safe for the system. For Indian SMBs going global, and for businesses outside India working with them, it means one thing: cross-border money that moves with confidence.” 

GIFT City has increasingly attracted organisations across insurance, investment management, lending, treasury operations and trade finance. Skydo said it intends to leverage its existing India and global payments infrastructure to provide faster and more convenient payment services while helping improve access to GIFT City-based financial products for both Indian and international users. 

The company currently serves over 50,000 businesses and processes more than $1 billion in annualised payment volume. The latest authorisation further expanded Skydo’s regulatory presence across jurisdictions. 

In India, Skydo holds final authorisation from the Reserve Bank of India (RBI) as a Payment Aggregator-Cross Border (PA-CB) for export collections and has approval for outward payments under the same framework. The company also operates as a Money Services Business (MSB) in Canada, supported by registrations and approvals from Canadian regulators. 

To support its expansion plans, Skydo strengthened its GIFT City team with leadership appointments focused on compliance and operations. The company also reported growth across its risk and compliance, product and business development functions. 

Prashanth Kumar, Head of Banking & Enterprise Business Development at Skydo, said, “Firstly, it complements the payments infrastructure we have built in India and globally, allowing us to bring multi-currency products to Indian businesses to collect, maintain and pay. Secondly, it allows us to serve GIFT City’s growing range of financial services companies, making cross-border payments fast and convenient for them and making GIFT City’s financial products more accessible to global users.” 

Skydo said it plans to work with financial institutions and businesses operating in GIFT City to develop solutions that simplify the movement of money between India and international markets.