Travel Fintech Startup Scapia Raises $9 Mn Seed Funding
Scapia, a credit card and travel rewards platform, has raised $9 million in a seed funding round led by Matrix Partners India. The funding round saw participation from Tanglin Venture Partners and Binny Bansal’s 3STATE Ventures.
Angel investors, including Keki Mistry (CEO, HDFC Ltd), also participated in the seed funding round.
As per the startup, the freshly raised funds will be used to scale operations and invest in tech capabilities.
Scapia | Credit Card And Travel Rewards Platform
Founded by Anil Goteti, former Senior Vice President of Flipkart, Scapia is a Bengaluru-based credit card and travel rewards platform that enables customers to redeem coins for flights and hotel bookings.
The platform converts customers’ everyday expenses into travel rewards stored in a co-branded credit card launched in partnership with the Federal Bank.
Speaking about the platform, Anil Goteti, Founder of Scapia, said,
“Millennials, with their considerable interest in travel, are looking for a primary card that can effectively reward them with travel benefits and perks. In addition, they want an app with transparency and service that they can trust. We see an opportunity for Scapia—less than 5 per cent of the population currently have credit cards, and India is projected to have 200 million credit cards in circulation by 2030.”
Scapia allows customers to track their credit card spending, offering coins on transactions that can be redeemed in the form of hotel and flight booking on the same app.
Operating on the Visa network, the card offers a 10 per cent reward on every transaction, minting these into Scapia coins. The rewards also include a zero-forex markup, domestic lounge access, zero joining and annual fees. It also comes with payment options such as ‘travel now, pay later’.
This is the second time Matrix, Tanglin, and 3STATE have bet on Anil Goteti’s venture. The firms had previously invested in Anil’s first company Protonn, which shut shop less than a year after raising funds.
Commenting on the development, Vikram Vaidyanathan, Managing Director of Matrix India, said,
“We’re excited about backing Anil for the second time as he embarks on a new journey with the Scapia team. Scapia has created one such user journey, enabling new travel experiences through a fintech suite of products and a business model traversing both these sectors.”
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