Through its suite of financial products, travel fintech company Scapia aims to make travel affordable. Matrix Partners India led a $9 million seed round in which the company also included Tanglin Venture Partners, Binny Bansal’s 3STATE Ventures, and prominent angel investors like Keki Mistry (CEO, HDFC Ltd.).
The company, which has been operating covertly for the past year, will use the funds to expand operations and make technological investments.
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Scapia is founded by Anil Goteti, former Senior Vice President of Flipkart and a travel enthusiast. On the fundraise, Anil Goteti, Founder of Scapia, said, “Millennials, with their considerable interest in travel, are looking for a primary card that can effectively reward them with travel benefits and perks. In addition, they want a delightful app with transparency and service that they can trust. 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. ”
The number of new customers signing up for Scapia’s co-branded credit card, which it recently launched in collaboration with Federal Bank, has increased dramatically. With its distinctive co-branded card, Scapia, which was created for travellers, converts a customer’s regular expenses into travel rewards. Unparalleled benefits offered by the product include zero-forex markup, unlimited access to domestic lounges, and no joining or annual fees. The co-branded card uses the Visa network and provides a sizable 10% reward on each transaction, which is then minted into Scapia coins.
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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!”
The company has also built a travel platform within the app to enable customers to instantly redeem their coins for flight and hotel bookings. Scapia offers a wide selection across all global airlines and 5 lakh+ stays and hotels around the world with best prices, easy cancellations, flexible rescheduling and affordable payment options like ‘Travel Now, Pay Later’ along with 24/7 customer service.
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About Scapia
Scapia is a financial technology company that specialises in the travel industry and has the goal of democratising travel by offering a variety of payment options.
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