Policy · Financial Services

Skydo gets Canadian payment licence, first Indian firm to do so

By Startup Enthusiast · 23 June 2026

What they do

Skydo is a cross-border payments platform for businesses in global trade, hiring and commerce

It secured an international payment licence in Canada, the first Indian cross-border payments company to get regulatory approval overseas

The licence allows two-way payment flows between India and Canada and lays groundwork for expansion into other North American markets

Skydo secured an international payment licence in Canada, becoming the first Indian cross-border payments company to get regulatory approval overseas.
The licence enables two-way payment flows between India and Canada, including local collections and payouts.
It allows Skydo to broaden offerings beyond international collections to a wider range of cross-border payment services.
Skydo enters Canada's regulated payments ecosystem under the Retail Payment Activities Act (RPAA), overseen by the Bank of Canada.
The licence is a foundation for future expansion into other North American markets, including the United States.
Skydo plans to help Canadian businesses manage global collections, local accounts, and supplier payments across multiple markets.
Co-founder and CEO Srivatsan Sridhar said the licence marks a transition from an India-focused to a multi-country payments operator.

Canada's annual exports and imports exceed CAD 1 trillion.
Bilateral trade between India and Canada is approximately CAD 13.6 billion, with an ambition to reach CAD 70 billion by 2030.
Skydo targets businesses, educational institutions, tourism operators, and service providers on the India-Canada corridor.
The licence strengthens Skydo's international footprint and lays groundwork for future growth across North America.

Skydo is a cross-border payments platform for businesses in global trade, hiring, and commerce.
It helps manage international collections and payouts with transparent pricing and compliance.
Skydo serves more than 40,000 businesses.
It facilitates payments across over 150 countries.
Skydo processes nearly $1 billion in annualised transaction volume.
The company has regulatory approvals in India and Canada, plus a GIFT City licence.

Skydo plans to help Canadian businesses manage global collections, local accounts, and supplier payments across multiple markets.
The Canadian licence is a foundation for future expansion into other North American markets, including the United States.

Product: border payments startup
Customers: Indian MSMEs, exporters, freelancers, and startups that invoice and receive payments from overseas clients.
How it makes money: Charges transparent flat fees per transaction with zero foreign exchange markups.
What sets it apart: Provides zero forex markup with live mid-market exchange rates and automated compliance filings like FIRA.