Fintech Firm Scapia Raises $9 Million in Seed Funding to Expand Co-Branded Credit Card Business

• ByStartupStory     |    June 28, 2023

Scapia, a fintech firm specializing in travel-related financial products, has successfully raised USD 9 million (approximately Rs 74 crore) in a seed funding round. The funding was led by Matrix Partners India, a renowned venture capital firm, and saw participation from Tanglin Venture Partners, 3STATE Ventures (founded by Binny Bansal), as well as notable angel investors including Keki Mistry, CEO of HDFC. The capital infusion will be utilized to scale up Scapia’s co-branded credit card business.

Scapia aims to make travel accessible by offering a range of innovative financial products. One of its notable initiatives is the launch of a co-branded credit card in collaboration with Federal Bank, specifically designed for travelers. By leveraging this partnership, Scapia intends to cater to the unique needs of the travel community.

Expressing enthusiasm about the funding, Anil Gotetti, Founder of Scapia, stated, “We are 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 per cent of the population currently have credit cards, and India is projected to have 200 million credit cards in circulation by 2030.”

In addition to its credit card offering, Scapia has also integrated a travel platform within its app, enabling customers to instantly redeem their accrued rewards for flight and hotel bookings. This feature enhances the overall user experience and further incentivizes customers to engage with Scapia’s financial ecosystem.

Vikram Vaidyanathan, Managing Director at Matrix Partners India, expressed confidence in Scapia’s unique value proposition, stating, “We are 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 are privileged to partner with this team.”

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