Skydo gets payment licence in Canada
23 Jun 2026, 01:01 PMWith the new licence, Skydo can facilitate both incoming and outgoing payments between India and Canada, including local fund collections and payouts.
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Skydo, a cross-border payments platform, has secured an international payment licence in Canada, marking the company's first regulatory milestone outside India.
With the new licence, Skydo can facilitate both incoming and outgoing payments between India and Canada, including local fund collections and payouts. The move broadens the company’s offerings from international collections to a wider range of cross-border payment solutions.
Canada represents a key market for Skydo due to its large trade volumes and growing economic ties with India. The company believes its approvals in India, Canada, and GIFT City position it to support transactions related to trade, education, tourism, and business services across the corridor.
Skydo said the Canadian approval also allows it to provide services such as global collections, local accounts, and supplier payments for businesses operating internationally. The company views the licence as an important step in its transformation into a multi-country payments operator and a foundation for future growth across North America, including the United States.
Operating under Canada’s Retail Payment Activities Act, Skydo will be required to comply with regulatory standards covering customer fund protection, anti-money-laundering measures, fraud controls, operational risk management, and reporting requirements.
Backed by Elevation Capital and Susquehanna Asia Venture Capital, Skydo serves over 40,000 businesses, supports transactions in more than 150 countries, and processes around $1 billion in annualised payment volume.
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