Scapia, the India-based fintech company aims to make travel accessible through its suite of financial products, 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, Scapia said in a statement on Tuesday.
With the new capital, Scapia will continue to grow its customer base, add more banking partners and further strengthen its product suite, ensuring more travellers enjoy seamless, rewarding experiences.
“We are grateful to our new and existing investors who believe in our vision and are helping us deliver a compelling proposition to our customers,” said Anil Goteti, Founder of Scapia.
Scapia said that its $23 million Series A fund-raise is a testament to the customers’ love for its co-branded credit card and delightful app experience.
It said within five months of launch, the firm has garnered widespread popularity and has distributed its card in over 7500 pin codes.
Remarkably, 40 percent of Scapia’s users are from beyond the top 30 cities, underscoring Scapia’s rapid ascent in the country’s diverse financial landscape.
It is noted that Scapia’s co-branded card, built in partnership with Federal Bank, comes with zero joining and annual fees, offering a zero-forex markup and unlimited domestic lounge access to its users on minimum monthly expenditure.
It provides a generous 10 percent reward on every transaction, minting these into Scapia coins.
The company has also built a travel platform within the app to enable customers to instantly redeem their coins for flight and hotel bookings.
Scapia also offers a wide selection across all global airlines and 5 lakh+ stays and hotels worldwide with the best prices, easy cancellations, flexible rescheduling and affordable payment options like Travel Now, Pay Later, and 24/7 customer service.
“The customer interest we see 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,
“We are excited to partner with Anil and his team as they develop strong fintech solutions that address the growing demands of today’s travellers by integrating user centricity, experience, and financial empowerment,” he added.
3STATE Ventures representative Binny Bansal said 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 for aspiring Indians,
“We are excited by Scapia’s progress in a short time and happy to continue our commitment to the company,” he added.
Matrix Partners India Managing Director Vikram Vaidyanathan said that the firm continues to be big believers in transaction credit+ commerce plays across large verticals such as travel, commerce and more.
“Scapia has been able to stitch together unique user journeys across fintech and travel. The company is off to a fast start and has seen strong customer love since the launch of its co-branded credit card,
“We are delighted to double down on our investment here and welcome Elevation Capital to the partnership,” he added.