Scapia, a credit card and travel rewards platform, raised $9 million in a seed round led by Matrix Partners India, including Tanglin Venture Partners and Binny Bansal’s 3STATE Ventures.
With its portfolio of financial products, the travel fintech company Scapia aims to make travel accessible. Through its portfolio of financial solutions, the travel fintech business Scapia aims to make travel affordable. It has introduced a co-branded credit card in collaboration with Federal Bank developed to target travellers.
“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,” Scapia Founder Anil Goteti said.
The newly-launched venture by Goteti, a consumer tech veteran, plans to use the capital to expand operations and invest in tech capabilities.
The company has also developed a travel platform within the app to allow users to redeem their coins for hotel and flight bookings quickly.
“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,” Matrix Partners India Managing Director Vikram Vaidyanathan said.