Skydo expands to Canada, becomes first Indian cross-border payments firm licensed abroad
Skydo, a cross-border payments platform backed by Elevation Capital and Susquehanna Asia Venture Capital, has secured a payments licence in Canada, making it the first Indian cross-border payments company to. . .
Skydo, a cross-border payments platform backed by Elevation Capital and Susquehanna Asia Venture Capital, has secured a payments licence in Canada, making it the first Indian cross-border payments company to receive regulatory approval outside India. The licence has been granted under Canada's Retail Payment Activities Act, which is overseen by the Bank of Canada. The approval allows Skydo to support two-way payment flows between India and Canada, including local collections and payouts, going beyond its earlier model of primarily supporting international collections from Indian businesses. Canada is a significant trade partner for India. Canada's total annual exports and imports collectively cross CAD 1 trillion, while bilateral trade between India and Canada currently stands at approximately CAD 13. 6 billion. Both governments have expressed ambitions to grow this trade relationship toCAD 70 billion by 2030. The corridor covers a wide range of payment use cases including trade, education, tourism, and business services. Skydo also plans to support Canadian businesses with 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. With Canada, we are expanding beyond collections to enable seamless two-way payment flows and support growing India-Canada commerce," said Srivatsan Sridhar, Co-Founder and CEO of Skydo. Movin Jain, Co-Founder of Skydo, said, "Our ambition is to build for the world, from India. Canada strengthens our global footprint, enables local collections and payouts, and creates a strong foundation for future expansion across North America. "Skydo claims it currently serves more than 40,000 businesses, processes payments across 150 countries, and handles approximately $1 billion in annualised transaction volume (ATV). The company also aims to expand its future growth across North America, including the United States. In December last year,Skydo raised $10 millionin a Series A funding round led by Susquehanna Asia Venture Capital, with participation from existing investor Elevation Capital.