Scapia bags $9m funding for its co-branded credit card
By Gloria Mathias
Scapia, an India-based travel fintech company, has raised $9 million in a seed round led by Matrix Partners India. The company is on a mission to make travel accessible through its suite of financial products & will utilise the funds to scale operations and invest in technological capabilities.
The company recently launched its co-branded credit card in partnership with Federal Bank and has already witnessed growth in customer sign-ups.
Built for travel lovers, Scapia can manage customers’ everyday expenses 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 redeem their coins for flight and hotel bookings instantly. Scapia offers for all global airlines and 5 lakhs+ stays and hotels worldwide with the best prices, easy cancellations, flexible rescheduling, affordable payment options like ‘Travel Now, Pay Later’ and 24/7 customer service.
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!”
Anil Goteti, Founder of Scapia said, “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.”
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