Fintech Firm Scapia Aims To Grow Customer Base, Add Banking Partners With Newly Infused Capital The fintech firm has raised $23 million in Series A, led by Elevation Capital and Binny Bansal's 3STATE Ventures
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Fintech startup Scapia raised $23 million to continue to grow its customer base, add more banking partners and further strengthen its product suite. The Series-A funding round was led by Elevation Capital and 3STATE Ventures. The round also saw participation from its existing investors, Matrix Partners India and Tanglin Venture Partners.
Founded by former Flipkart executive Anil Goteti in 2022, Scapia is a travel fintech company that offers financial products and travel services through its co-branded credit card. The company has also built a travel platform within the app to enable customers to instantly redeem their coins for flight and hotel bookings.
"We are 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," said Anil Goteti, founder, Scapia.
Scapia, which recently launched its co-branded credit card in partnership with Federal Bank, also claims to offer unparalleled rewards, including a zero-forex markup, unlimited domestic lounge access, zero joining & annual fees. The co-branded card operates on the Visa network and offers 10% reward on every transaction, minting these into Scapia coins.
The travel fintech startup claims that within five months of launch, it has distributed its card in over 7500 pin codes. "40% of Scapia's users are from beyond the top 30 cities, underscoring Scapia's rapid ascent in the country's diverse financial landscape. Scapia's user community, fondly referred to as 'Scapia Tribe', has used the app and card to travel across 50 countries in 5 continents," it said in a statement.
In June this year, Scapia raised $9 Mn in a seed round led by Matrix Partners India. The round also saw participation from Tanglin Venture Partners, Binny Bansal's 3STATE Ventures and angel investors Keki Mistry, CEO of HDFC Ltd. The fund raised was utilised to scale operations and invest in technological capabilities.