Scapia, a fintech company that specializes in travel, has raised $9 million in a seed round led by Matrix Partners India, with participation from Tanglin Venture Partners, Binny Bansal’s 3STATE Ventures, and notable angel investors like Keki Mistry (CEO, HDFC Ltd.).
The startup, which has been operating covertly for the past year, will increase operations and make investments in technology.
Recent co-brand credit card launches by Scapia and Federal Bank reportedly saw a significant increase in customer sign-ups.
With its co-branded card, Scapia, which was founded by Anil Goteti, converts a customer’s regular expenses into travel rewards. Rewards offered by the product include unlimited access to domestic lounges, no joining or annual fees, and no forex markup.
According to a press release from the company, the co-branded card uses the Visa network and offers a generous 10% reward on each transaction, which is then turned into Scapia coins.
To allow users to instantly redeem their coins for hotel and flight reservations, the brand has also built a travel platform within the app. According to Scapia, it offers a broad selection across all major airlines, more than 5 lakh hotel stays, and reasonably priced payment options like the “travel now, pay later” option.
For example, Razorpay, Five Star Business Finance, OneCard, Ola, Ola Electric, DailyHunt, OfBusiness, Oxyzo, Captain Fresh, Country Delight, GoKwik, Jupiter, MoEngage, Stanza Living, and Zupee are just a few of the category-leading businesses that Matrix Partners India has invested in.