Fintech Startup Scapia Raises $23m to Scale Travel-Focused Credit Card Follow Nov 25, 2023 · 1 min read
Fintech Startup Scapia Raises $23m to Scale Travel-Focused Credit Card
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Bengaluru-based fintech startup Scapia has raised $23 million in fresh seed funding to boost operations for its recently launched credit card tailored specifically for Indian travelers. The round was led by Matrix Partners India with participation from Tanglin Venture Partners, 3State Ventures founded by Flipkart co-founder Binny Bansal, and other angel investors.

This was quite abrupt from their recent $9 million Series seed round.

Scapia first captured attention last year when it revealed plans for a co-branded Visa credit card in partnership with Federal Bank. The card officially rolled out earlier this year offering unmatched rewards and perks for customers bitten by the travel bug.

What makes Scapia’s offering unique is how it turns everyday expenses into generous travel benefits. Users earn an industry-leading 10% cashback in the form of “Scapia coins” on all transactions with no limits. These coins then redeem for flight and hotel bookings through Scapia’s integrated travel platform.

Additional card highlights giving Scapia viral appeal amongst India’s growing pool of millennial travelers include:

  • Zero foreign transaction fees
  • Unlimited domestic airport lounge access
  • Annual and joining fees waived
  • Flexible travel bookings with options to pay later

Millennials, with their considerable interest in travel, are looking for a primary card that can effectively reward them with travel benefits and perks.

The fresh $23 million in funding will power Scapia’s operational growth as customer sign-ups rapidly accelerate. Goteti also sees a massive long term opportunity with India projected to have 200 million credit card holders by 2030 compared to under 60 million currently.

This seed round validates investor optimism behind Scapia’s unique value targeting India’s expanding class of experience-hungry digital natives. As more consumers get infected by the travel bug every year, Scapia’s frictionless rewards model aims to make chasing adventures across the globe faster and more affordable.

Written by Follow