Skydo appears on the Bank of Canada’s payment service provider (PSP) registry, which lists entities registered under the country’s retail payments framework.
The regime is overseen by the Bank of Canada and covers operational risk management, safeguarding of customer funds, compliance and reporting requirements.
The Canadian registration enables Skydo to support payment flows between India and Canada, including local collections and payouts. The company said the move expands its offerings beyond international collections into broader cross-border payment services.
Canada is a key market for international payments and trade. According to the company, India-Canada bilateral trade currently stands at about CAD 13.6 billion, with long-term growth expectations across sectors such as trade, education, tourism and business services.
“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 chief executive officer of Skydo.
The company said the Canadian approval complements its existing licences and approvals in India, including authorisations linked to GIFT City operations. Skydo added that it plans to support Canadian businesses with global collections, local accounts and supplier payments across multiple countries.
The expansion could also serve as a base for broader North American growth, including a possible entry into the United States, the company said.
Founded in Bengaluru, Skydo provides cross-border payment services for businesses handling international collections and payouts. The company says it serves more than 40,000 businesses, supports payments across over 150 countries and processes around $1 billion in annualised transaction volume.
The Bank of Canada’s RPAA framework requires payment service providers operating in Canada to register and comply with rules related to operational resilience and customer fund protection.
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First Published: Jun 23, 2026 2:33 PM IST
