Travel Credit Card Startup Scapia Secures $23 Mn Funding to Grow Customer Base, Strengthen its Product Suite
Scapia, a Bengaluru-based fintech startup, has made headlines by raising $23 million in its Series A round.
As per the startup, the freshly raised capital will enable it to grow its customer base, add more banking partners, and strengthen our product suite.
The funding round was led by VC firms Elevation Capital and 3STATE Ventures and saw participation from existing investors Matrix Partners India and Tanglin Venture Partners.
Scapia | Designed for Every Kind of Traveller
Founded by former Flipkart executive Anil Goteti, Scapia is a Bengaluru-based fintech startup that offers financial products and travel services through its co-branded credit card in partnership with Federal Bank.
The startup, which was operating in stealth mode until June this year, through its credit card, provides rewards such as zero-forex markup, domestic lounge access with no joining, and annual fees. Further, the startup offers a 10% reward on every transaction, providing Scapia coins in return to be redeemed on its app to book flights and hotels.
In addition to providing a wide selection across all global airlines and over five lakh stays and hotels worldwide with the best prices, Scapia offers its users easy cancellations, 24/7 customer service, flexible rescheduling, and affordable payment options like Travel Now, Pay Later, and more.
In June, Scapia raised $9 million in a seed round.
Statement from the Investors
Commenting on the development, Binny Bansal of 3STATE Ventures, highlighted the growth of the fintech industry in India as nothing short of revolutionary, also democratizing access to financial services and empowering millions.
Bansal added,
“Among such innovations, Scapia stands out with its differentiated solutions tailored for travel, addressing a vital need for aspiring Indians.”
The startup, which targets travel enthusiasts, particularly millennials, looking for a card giving them perks for travel, claims to have distributed cards in more than 7,500 pin codes in India, highlighting the fact that its users have used the app and card to travel in 50 countries.
Mridul Arora, Partner, Elevation Capital, highlighted the growing interest of customers in Scapia’s co-branded credit cards, underscoring the transformative power of fintech in making travel more accessible and delightful for Indians.
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