The funds will be used to grow the customer base, add more banking partners and enhance the product offerings
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, 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.
Within five months of launch, Scapia claims to have distributed its card in over 7500 pin codes, with over 40 per cent of its users are from beyond the top 30 cities. The company’s user community, fondly referred to as ‘Scapia Tribe’, has used the app and card to travel across 50 countries in five continents.
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 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. Scapia offers a wide selection across all global airlines and over 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.
Anil Goteti, founder of Scapia and a travel enthusiast, said, "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.”
Mridul Arora, partner of Elevation Capital, said, "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."
Binny Bansal of 3STATE Ventures added, "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 of 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. We are delighted to double down on our investment here and welcome Elevation Capital to the partnership."