In a significant development for the fintech sector, Scapia has successfully raised $23 million in its Series-A funding round, with Elevation Capital and 3STATE Ventures taking the lead. The funding round also witnessed continued support from existing investors, including Matrix Partners India and Tanglin Venture Partners.
Scapia, founded by Anil Goteti, a former vice president of Flipkart, has positioned itself as a game-changer in the industry by transforming everyday expenses into lucrative travel rewards through its innovative co-branded card. The freshly injected capital will be instrumental in expanding Scapia’s customer base, forging new partnerships with banking institutions, and reinforcing its product suite, as outlined in the company’s official release.
The company’s co-branded card offers a range of benefits, including zero-forex markup, unlimited domestic lounge access sans joining and annual fees. Notably, Goteti’s entrepreneurial journey also includes the co-founding of Protonn in 2020. This digital solutions startup, unfortunately, ceased operations within a year of securing $9 million in seed funding, with Matrix, Tanglin, and Binny Bansal among its early backers.
Scapia has made impressive strides since its launch, distributing its cards across over 7,500 pin codes within five months. Notably, 40% of its user base hails from beyond the top 30 cities. The fintech firm facilitates travel to 50 countries across five continents and offers a 10% reward on every transaction, converted into Scapia coins for users.
To enhance user experience, Scapia has integrated a travel platform within its app, enabling customers to redeem their earned coins for flight and hotel bookings instantly. The company’s credit card, introduced in partnership with Federal Bank and based on the VISA network, boasts a comprehensive offering, covering a wide selection of global airlines and over 500,000 stays and hotels worldwide. Competitive prices, easy cancellations, flexible rescheduling, and innovative payment options like “Travel Now, Pay Later” further contribute to Scapia’s appeal in the market.
With this latest funding round, Scapia plans to solidify its position as a leading player in the fintech space, leveraging its unique approach to blending financial transactions with rewarding travel experiences. The continued support from crucial investors underscores the confidence in Scapia’s vision and potential to redefine the landscape of financial services and travel rewards.
