Travel credit card startup Scapia raises $23 mn to expand business
Travel credit card startup Scapia has raised $23 million in a funding round led by Elevation Capital and 3STATE Ventures, an investment firm of former Flipkart CEO Binny Bansal.
The Series A round was attended by Scapia’s existing investors, Matrix Partners India and Tanglin Venture Partners.
Scapia, which is led by Anil Goteti, former senior vice president of Flipkart, said it will use the investment to add more customers and banking partners and strengthen its products.
Scapia’s co-branded card, developed in collaboration with the Federal Bank, has no membership or annual fees. The company offers a 10 percent reward on every card transaction that can be converted into Scapia Coins. Customers can redeem these coins in the Scapia app for flight and hotel bookings.
The startup, which launched in June and is based in Bengaluru, said it has distributed cards in over 7,500 PIN codes in India. Scapia users have used the app and map to travel in 50 countries, the company said in a statement.
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“Scapia offers a wide selection across all global airlines and more than five million stays and hotels around the world with the best prices, easy cancellations, flexible rescheduling and affordable payment options such as Travel Now, Pay Later and 24/7 customer service,” the company said .
“The rise of fintech in India was nothing short of revolutionizing, democratizing access to financial services and empowering millions of people. Among these innovations, Scapia stands out with its differentiated tailor-made travel solutions, which address a vital need of aspiring Indians. We are excited about Scapia’s progress in a short time and we are pleased to continue our commitment to the company,” said Bansal.