Travel fintech startup Scapia has raised $23 million in its Series A funding round led by Elevation Capital and 3State Ventures.
The round also saw participation from its existing investors, Matrix Partners India and Tanglin Venture Partners.
This funding will fuel the company’s efforts to grow its customer base, add more bank partners and strengthen its product division, Scapia founder Anil Goteti said.
Within five months of launch, Scapia claims to have distributed its card in more than 7,500 pin codes. The users of the application and cards of Scapia can travel through 50 countries on five continents. The startup offers a co-branded card, in partnership with Federal Bank, that comes with zero sign-up and annual fees, offering zero currency markup and unlimited home lounge access to its users at a minimal monthly outlay. It provides a 10% reward for each transaction, called “Scapia coins”.
The company has also built a travel platform within the app to enable customers to redeem their coins for flight and hotel bookings.
“Global travel has undeniably evolved into a ubiquitous phenomenon, witnessing a great increase among Indians in recent times. The customer interest we are seeing in Scapia’s co-branded credit cards is a testament to the transformative power of fintech in making travel more accessible and delightful for Indians, ” said Mridul Arora, partner, Elevation Capital.
“The rise of fintech in India has been nothing short of revolutionary, democratizing access to financial services and empowering millions. Among such innovations, Scapia stands out with its differentiated solutions tailored for travel, addressing a vital need of aspiring Indians,” Binny Bansal of 3STATE Ventures added .
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Updated: 21 Nov 2023, 17:22 IST
(tagsTo Translate)Travel fintech