Cross border payment co Skydo gets licence in Canada
MUMBAI: Elevation Capital backed Skydo has secured an international payments licence in Canada, becoming the first Indian cross-border payments platform to be licensed overseas, in a move that marks its first regulatory approval outside India and advances its global expansion.The licence enables the
By Mayur Shetty
MUMBAI: Elevation Capital backed Skydo has secured an international payments licence in Canada, becoming the first Indian cross-border payments platform to be licensed overseas, in a move that marks its first regulatory approval outside India and advances its global expansion.The licence enables the company to support two-way payment flows between India and Canada, including local collections and payouts, and expands its offering beyond international collections into a broader suite of cross-border payment services.
The firm will continue to offer transparent flat pricing across corridors, with fees of $19 for transactions up to $2,000, $29 for transactions up to $10,000, and 0.3% for higher-value transactions.The development reflects a wider trend of Indian fintech firms expanding globally by securing local regulatory approvals and building capabilities across international payment corridors.
Canada represents a strategic market, with annual exports and imports exceeding CAD 1 trillion.
India–Canada bilateral trade stands at around CAD 13.6 billion, with a stated ambition to reach CAD 70 billion by 2030.With licences in India and Canada, along with approval in GIFT City, the company is positioned to support flows across trade, education, tourism, and business services.
It also plans to offer Canadian businesses 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 the company under Canada’s Retail Payment Activities Act, overseen by the Bank of Canada, which requires controls on operational risk, safeguarding of customer funds, anti-money-laundering compliance, fraud prevention, and regulatory reporting.
The Canadian licence also provides a base for further expansion across North America, including the US, the company said.The company’s model differs from traditional cross-border payment routes such as bank SWIFT wires, correspondent banking, and remittance services including bank drafts, cash pickup, and remittance apps.
It focuses on business-oriented payments through international collection accounts, transparent pricing, faster rail-agnostic flows, and embedded receivables and payout tools designed for SMEs and platforms.It enables businesses to open international collection accounts and, with the Canadian licence, supports local collections and payouts within Canada, reducing reliance on correspondent banking chains.
It also provides invoice-to-payment reconciliation and accounting integrations to simplify receivables management.The firm currently serves more than 40,000 businesses, supports payments across over 150 countries, and processes around $1 billion in annualised transaction volume.
It is backed by Elevation Capital and Susquehanna Asia Venture Capital.Get the latest business news and top stories.
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