Fintech firm Scapia 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, the company said in a release.
Entrackr was the first to report about Scapia’s new funding round in September.
Founded by Anil Goteti, Scapia turns a customer’s everyday expenses into travel rewards with its co-branded card. It provides rewards, including a zero-forex markup, unlimited domestic lounge access without any joining and annual fees.
Goteti is the former vice president of Flipkart who also co-founded digital solutions startup Protonn in 2020. However, Protonn shut down its business in less than a year after raising $9 million in seed funding. Matrix, Tanglin and Binny Bansal had also invested in Protonn’s seed round.
Within five months of launch, Scapia has distributed its card in over 7500 pin codes. According to the company, 40% of its users are from beyond the top 30 cities. It allows users to travel across 50 countries in 5 continents.
It provides 10% 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. The company’s credit card was introduced in partnership with Federal Bank and is based on the VISA network.
As per Scapia, it offers a wide selection across all global airlines and more than 500,000 stays and hotels worldwide with competitive prices, easy cancellations, flexible rescheduling and affordable payment options like Travel Now, and Pay Later.
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