Scapia raises $9M to scale its co-branded credit card
Bangalore, 28th June, 2023: Scapia, the travel fintech company on a mission to make travel accessible through its suite of financial products, raised $9M 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 company, in stealth for the last year, will utilise the funds to scale operations and invest in technological capabilities.
Scapia, which recently launched its co-branded credit card in partnership with Federal Bank, has already seen massive growth in customer sign-ups. Built for travel lovers, Scapia turns a customer’s everyday expense into travel rewards with its unique co-branded card. The product provides 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 a generous 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. Scapia offers a wide selection across all global airlines and 5 lakh+ stays and hotels around the world with best prices, easy cancellations, flexible rescheduling and affordable payment options like ‘Travel Now, Pay Later’ along with 24/7 customer service.
Scapia is founded by Anil Goteti, former Senior Vice President of Flipkart and a travel enthusiast. On the fundraise, Anil Goteti, Founder of Scapia, said, “Millennials, with their considerable interest in travel, are looking for a primary card that can effectively reward them with travel benefits and perks. In addition, they want a delightful app with transparency and service that they can trust. We’re excited to partner with our investors to help us scale and meet these customer needs. We see a massive opportunity for Scapia - less than 5% of the population currently have credit cards and India is projected to have 200 million credit cards in circulation by 2030. ”
Vikram Vaidyanathan, Managing Director, Matrix Partners India, said “We’re excited about backing Anil for the second time, as he embarks on a new journey with the Scapia team. We’re big believers in transaction credit and creating unique user journeys combining commerce and financing. Scapia has created one such user journey, enabling new travel experiences through a fintech suite of products, and a business model traversing both these sectors. We’re privileged to partner with this team, and the investor group, and wish them Godspeed on the launch!”
Customers can get the card by joining the waitlist at www.scapia.cards