Travel Fintech Startup Scapia Bags $23 Million in its Series A

Travel fintech startup Scapia raised $23 million in its Series-A round, with Elevation Capital and 3STATE Ventures leading the investment. The funding round, which also witnessed participation from existing backers Matrix Partners India and Tanglin Venture Partners, marks a pivotal moment for Scapia as it accelerates its mission to transform the landscape of travel-focused financial solutions.

Scapia, founded by former Flipkart vice president Anil Goteti, is poised to leverage the fresh capital infusion to fuel its expansion strategy. The company aims to broaden its customer base, forge new partnerships with banking institutions, and fortify its product suite.

Anil Goteti expressed enthusiasm about the company’s trajectory, emphasizing the focus on enhancing accessibility and delight for Indian travelers.

Rapid Growth and Global Reach

Within five months of its launch, the travel fintech startup has rapidly distributed its co-branded credit card in over 7,500 pin codes, demonstrating a remarkable footprint. The startup boasts a global presence, enabling users to traverse 50 countries across five continents seamlessly.

A unique proposition of Scapia’s offering is its co-branded card, developed in partnership with Federal Bank, featuring zero joining and annual fees, zero-forex markup, and unlimited domestic lounge access.

Scapia’s disruptive approach extends to its innovative rewards system. Users are treated to a 10 percent reward on every transaction, aptly named ‘Scapia coins.’

These coins can be instantly redeemed within the app’s integrated travel platform for flight and hotel bookings. The company’s credit card, operating on the VISA network, presents a wide selection of options across global airlines and more than 500,000 stays and hotels worldwide.

Endorsements from Key Players

Mridul Arora, partner at Elevation Capital, emphasized the transformative power of fintech in making travel more accessible, citing Scapia’s co-branded credit cards as a testament to this evolution.

Binny Bansal from 3STATE Ventures added that Scapia addresses a vital need for aspiring Indians through its tailored travel solutions.

Scapia’s recent funding success adds the startup to the list of growth-stage companies securing consecutive funding rounds in 2023. The company’s ability to attract investment underscores the growing significance of fintech innovations in India, democratizing access to financial services and empowering millions.

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