Travel fintech firm Scapia has raised $9 million in a seed round led by Matrix Partners India, with participation from Tanglin Venture Partners, Binny Bansal’s 3STATE Ventures and notable angel investors such as Keki Mistry (CEO, HDFC Ltd).
The startup, in stealth for the last year, will use the funds to ramp up operations and invest in technological capabilities.
Scapia recently launched its co-branded credit card in partnership with Federal Bank, claiming to have seen massive growth in customer sign-ups.
Founded by Anil Goteti, Scapia turns a customer’s everyday expense into travel rewards with its co-branded card. The product provides rewards, including a zero-forex markup, unlimited domestic lounge access, zero joining and annual fees.
The co-branded card operates on the Visa network and offers a generous 10% reward on every transaction, minting these into Scapia coins, the company said in a press release.
The brand has also built a travel platform within the app to enable customers to instantly redeem their coins for flight and hotel bookings. According to Scapia, it offers a wide selection across all global airlines and over 5 lakh stays and hotels around the world with affordable payment options like travel now, pay later option.
Matrix Partners India invests in companies targeting the Indian consumer and enterprise market and has invested in several category-leading companies such as Razorpay, Five Star Business Finance, OneCard, Ola, Ola Electric, Dailyhunt, OfBusiness, Oxyzo, Captain Fresh, Country Delight, GoKwik, Jupiter, MoEngage, Stanza Living and Zupee among others.
