Fintech 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. With the new capital, the company will continue to grow its customer base, add more banking partners and further strengthen its product suite, a statement from Scapia informed.
Anil Goteti, Founder, Scapia, said in the statement, “We’re thrilled by the customer affection and rapid growth Scapia has experienced since launch. This funding will fuel our efforts to grow our customer base, add more banking partners and strengthen our product suite. 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.”
The statement also said 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.
Mridul Arora, Partner, Elevation Capital, said in the statement, “Global travel has undeniably evolved into a ubiquitous phenomenon, witnessing a substantial increase among Indians in recent times. 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.”
Scapia provides a 10 per cent 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, added the statement.
Binny Bansal, 3STATE Ventures, also stated in the statement, “The rise of fintech in India has been nothing short of revolutionary, democratising 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.”
Vikram Vaidyanathan, Managing Director, Matrix Partners India, said, “We continue 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!”
