India: Fintech Innovator Scapia Raises $23m for Travel Payments

Scapia, an India-based fintech company focused on making travel more accessible, has successfully raised $23 million in its Series-A funding round.

The round was led by Elevation Capital and 3STATE Ventures, with participation from existing investors Matrix Partners India and Tanglin Venture Partners.

Scapia said the new capital injection will it to expand its customer base, add more banking partners, and enhance its product suite, thereby improving travel experiences for more customers.

Anil Goteti, the founder of Scapia, expressed gratitude towards both new and existing investors for supporting the company’s vision and helping deliver a compelling proposition to customers.

In just five months since its launch, Scapia has gained significant popularity, distributing its co-branded credit card across over 7500 pin codes.

Notably, 40% of its users are from beyond the top 30 cities, indicating Scapia’s rapid growth in India’s diverse financial landscape. The ‘Scapia Tribe’, the company’s user community, has utilized the app and card to travel across 50 countries on five continents.

Scapia’s co-branded card, developed in partnership with Federal Bank, offers attractive benefits such as zero joining and annual fees, a zero-forex markup, unlimited domestic lounge access, and a generous 10% reward on transactions, converted into Scapia coins.

Additionally, the company has developed a travel platform within the app, allowing customers to redeem their coins instantly for flight and hotel bookings.

Scapia offers a broad selection across global airlines and over 500,000 stays and hotels, with competitive pricing, easy cancellations, flexible rescheduling, and payment options like Travel Now, Pay Later, along with 24/7 customer service.

Mridul Arora from Elevation Capital highlighted the transformative power of fintech in making travel more accessible for Indians. Binny Bansal of 3STATE Ventures commended the revolutionary rise of fintech in India, particularly praising Scapia’s tailored solutions for travel.

Vikram Vaidyanathan of Matrix Partners India also expressed excitement in continuing the partnership with Scapia, acknowledging its strong customer appeal and innovative integration of fintech and travel.

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