Fintech company Scapia, which co-branded credit cards for travel, has secured $23 million in a Series A funding round to accelerate new customer acquistion, and ink more partnerships.
“We’re 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,” said Goteti.
Tapping into the growing popularity of co-branded credit cards, the Scapia app helps customers track their credit card spending and offers coins, which can be redeemed in the form of hotel and flight booking on the same app, along with EMI options.
The platform has integrated the APIs of various aggregators (airlines and hotels) to offer similar services. In addition, it claims to have no joining fee as of now, zero forex markup on international spending, with unlimited domestic lounge access.
The five-month-old startup founded by Anil Goteti, a consumer tech veteran and former senior vice president of Flipkart, delivers digital credit cards to travellers in collaboration with the Federal Bank, and faciliates them to earn reward on each transaction in the form of Scapia coins.
Furthermore, these Scapia coins can then be redeemed on the app itself in the form of discounts for flights and hotel bookings across countries. Customers can use the credit card, based on the VISA network, across 150 countries, and access their transactions in real-time within the app. The company plans to add more banking partners and strengthen its product suite with the fresh capital.
“We continue to be big believers in transaction credit + commerce plays across large verticals such as travel, commerce, and more. Scapia has been able to stitch together unique user journeys across fintech and travel. The company is off to a fast start and has seen strong customer love since the launch of its co-branded credit card. We are delighted to double down on our investment here and welcome Elevation Capital to the partnership,” said Vikram Vaidyanathan, Managing Director, Matrix Partners India.
Scapia distributes its cards in over 7500 pin codes
Within five months of launch, the co-branded credit card firm has garnered widespread popularity and has distributed its card in over 7,500 pin codes.
The fintech said almost 40% of its users are from beyond the top 30 cities, who used the app and card to travel across 50 countries in five continents. It has distributed its card in over 7,500 pin codes.
“Global travel has undeniably evolved into a ubiquitous phenomenon, witnessing a substantial increase among Indians in recent times. The customer interest we see in Scapia’s co-branded credit cards is a testament to the transformative power of fintech in making travel more accessible and delightful for Indians,” said Mridul Arora, Partner, Elevation Capital.
In the funding round led by Elevation Capital and 3STATE Ventures, existing investors Matrix Partners India and Tanglin Venture Partners also participated.
