Scapia Raises $9 Million In Seed Funding The fund raised will be utilised to scale operations and invest in technological capabilities
By Teena Jose
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Travel fintech company Scapia has raised $9 million in a Seed funding round led by Matrix Partners India, along with participation from Tanglin Venture Partners, Binny Bansal's 3STATE Ventures and notable angel investors such as Keki Mistry (CEO, HDFC Ltd). The fund raised will be utilised to scale operations and invest in technological capabilities.
"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," said Anil Goteti, founder, Scapia.
The company has also built a travel platform within the app to enable customers to instantly redeem their coins for flight and hotel bookings. In an official release, Scapia said that it offers a wide selection across all global airlines and 5 lakh+ stays and hotels around the world.
"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," said Vikram Vaidyanathan, managing director, Matrix Partners India.
Built for travel lovers, Scapia turns a customer's everyday expense into travel rewards with its unique co-branded card. The co-branded card operates on the Visa network and claims that it offers a 10% reward on every transaction, minting these into Scapia coins.
