Skydo enters Canada with first overseas payments licence

Bengaluru-based cross-border payments platform Skydo has secured an international payment licence in Canada, marking its first regulatory approval outside India and a significant milestone in its overseas expansion strategy.

The licence has enabled Skydo to support two-way payment flows between India and Canada, including local collections and payouts. It has also broadened the firm’s offering beyond international collections, allowing the company to move towards a wider cross-border payments model.

Srivatsan Sridhar, Co-Founder and Chief Executive Officer of Skydo, said the approval has represented an important step in the company’s evolution. “Securing our first international licence marks Skydo’s evolution from an India-focused cross-border payments platform to a multi-country payments operator,” he said. “With Canada, we are expanding beyond collections to enable seamless two-way payment flows and support growing India-Canada commerce.”

Skydo has described Canada as a strategic market, citing the scale of trade activity between the two countries and the potential for deeper commercial links across trade, education, tourism and business services. The company has said the new licence has strengthened its position in the India-Canada corridor and has laid the groundwork for future growth in North America.

With approvals in India, Canada and GIFT City, Skydo has positioned itself to serve businesses that need access to local accounts, supplier payments and cross-border collections across multiple markets. The Canadian authorisation has also marked the company’s shift from an India-focused platform to a multi-country payments operator.

Movin Jain, Co-Founder of Skydo, said the Canadian market has created a strong base for wider international growth. “Our ambition is to build for the world, from India,” he said. “Canada strengthens our global footprint, enables local collections and payouts, and creates a strong foundation for future expansion across North America.”

The expansion has brought Skydo into Canada’s regulated payments environment under the Retail Payment Activities Act, overseen by the Bank of Canada. The framework has required controls around operational risk, customer fund safeguarding, anti-money-laundering compliance, fraud prevention and regulatory reporting.