Skydo Secures Canada Licence, Becomes First Indian Cross-Border Payments Platform Licensed Overseas

Indian cross-border payments platform Skydo has secured an international payment licence in Canada, marking its first major regulatory approval outside India. With this milestone, Skydo has become the first Indian cross-border payments platform to receive an overseas licence, strengthening its position as an emerging global payments operator.

The Canada licence allows Skydo to support two-way payment flows between India and Canada. This includes local collections, payouts and broader cross-border payment services. The approval expands Skydo’s role beyond international collections and gives the company a stronger foundation to serve businesses, exporters, service providers, students, institutions and enterprises operating across the India-Canada corridor.

Canada is an important market for Skydo’s global expansion strategy. The country’s annual exports and imports together exceed CAD 1 trillion, while India-Canada bilateral trade is estimated at around CAD 13.6 billion. Both countries have ambitions to expand trade significantly, with long-term targets reaching nearly CAD 70 billion by 2030.

With licences in India and Canada, along with its approval in GIFT City, Skydo is now better positioned to support payments across trade, education, tourism and business services. The company also plans to help Canadian businesses with global collections, local accounts and supplier payments across multiple countries.

Skydo Co-Founder and CEO Srivatsan Sridhar said the Canadian approval marks the company’s transition from an India-focused cross-border payments platform to a multi-country payments operator. He said the expansion into Canada will allow Skydo to go beyond collections and enable seamless two-way payment flows to support growing commerce between India and Canada.

Co-Founder Movin Jain said Skydo’s ambition is to build for the world from India. He noted that Canada strengthens the company’s global footprint by enabling local collections and payouts, while also creating a base for future expansion across North America.

The licence brings Skydo under Canada’s regulated payments framework through the Retail Payment Activities Act, overseen by the Bank of Canada. This regulatory framework requires payment companies to maintain strong systems for operational risk management, protection of customer funds, anti-money-laundering compliance, fraud prevention and regulatory reporting.

The approval is significant because cross-border payments are becoming increasingly important for Indian businesses as they expand into global markets. Faster, transparent and compliant payment infrastructure can help exporters, freelancers, digital service companies, education providers and small businesses manage international transactions more efficiently.

Skydo’s Canada entry also reflects the growing global ambitions of Indian fintech companies. After building solutions for India’s digitally advanced payments ecosystem, many Indian fintech firms are now exploring regulated overseas markets where they can serve trade corridors linked to Indian businesses and diaspora communities.

The Canadian licence gives Skydo a strong base for its North American plans, including possible future expansion into the United States. With India-Canada commerce expected to grow and demand rising for efficient cross-border payment tools, the company’s overseas regulatory milestone could become an important step in building an India-origin global fintech network.