BENGALURU: Travel fintech startup Scapia has raised $40 million in a Series B funding round led by Peak XV Partners , with participation from existing investors Elevation Capital, Z47, and 3STATE Capital. The company said it will use the capital to expand its team, accelerate product development in travel and financial services, and invest in artificial intelligence.
Scapia, which offers a co-branded credit card in partnership with Federal Bank, claims growing demand for its product is being driven by younger consumers’ interest in travel and digital-first financial offerings. The company’s app integrates travel booking services and financial tools targeted at Gen Z and millennial users.
“In the last three years, we’ve focused on creating travel-first financial products and building strong banking partnerships. This funding will help us advance our product roadmap and improve the travel experience for our users,” said Anil Goteti, founder and CEO of Scapia.
Peak XV Partners MD Tejeshwi Sharma said the firm sees Scapia as positioned to tap into the growing convergence of travel demand and credit card adoption among younger consumers in India. “Millennials and Gen Z are turning travel into a guilt-free, all-pleasure experience. Scapia is merging a booming travel market with an untapped credit card opportunity,” Sharma said.
Elevation Capital Partner Mridul Arora noted that Gen Z and millennials account for half of all new credit card issuance in India, citing this as an indicator of a fast-expanding market. “We believe Scapia is well-positioned to capture a significant share of this segment,” Arora said. He pointed to the company’s rewards program, lack of joining and annual fees, and zero forex markup as differentiators.
Z47 managing director Vikram Vaidyanathan said the firm had increased its investment in this round, citing Scapia’s “industry-first innovations” and the expansion of its travel services to include domestic transport and visa assistance. “The company has also maintained a compliant fintech model with its co-branded credit card,” he said.
Scapia’s credit card offers 10% rewards on all spending and 20% rewards on travel bookings made through its platform, according to the company. It also provides complimentary domestic airport lounge access, zero joining and annual fees, and no foreign exchange markup for qualifying users. The platform supports bookings across airlines, hotels, visa services for 45 countries, and curated experiences under its “Scapia Unmapped” programme.
The company said that in the past year, users have booked travel to over 100 countries using its card. Scapia also recently launched a RuPay variant of its card to enable UPI-based payments and expand its reach in the domestic digital payments space.
Founded in 2022 by ex-Flipkart executive Goteti, with a focus on integrating financial products and travel services for younger consumers, Scapia operates in partnership with Federal Bank and claims card acceptance across over 150 countries.
ENDS//
Scapia, which offers a co-branded credit card in partnership with Federal Bank, claims growing demand for its product is being driven by younger consumers’ interest in travel and digital-first financial offerings. The company’s app integrates travel booking services and financial tools targeted at Gen Z and millennial users.
“In the last three years, we’ve focused on creating travel-first financial products and building strong banking partnerships. This funding will help us advance our product roadmap and improve the travel experience for our users,” said Anil Goteti, founder and CEO of Scapia.
Peak XV Partners MD Tejeshwi Sharma said the firm sees Scapia as positioned to tap into the growing convergence of travel demand and credit card adoption among younger consumers in India. “Millennials and Gen Z are turning travel into a guilt-free, all-pleasure experience. Scapia is merging a booming travel market with an untapped credit card opportunity,” Sharma said.
Elevation Capital Partner Mridul Arora noted that Gen Z and millennials account for half of all new credit card issuance in India, citing this as an indicator of a fast-expanding market. “We believe Scapia is well-positioned to capture a significant share of this segment,” Arora said. He pointed to the company’s rewards program, lack of joining and annual fees, and zero forex markup as differentiators.
Z47 managing director Vikram Vaidyanathan said the firm had increased its investment in this round, citing Scapia’s “industry-first innovations” and the expansion of its travel services to include domestic transport and visa assistance. “The company has also maintained a compliant fintech model with its co-branded credit card,” he said.
Scapia’s credit card offers 10% rewards on all spending and 20% rewards on travel bookings made through its platform, according to the company. It also provides complimentary domestic airport lounge access, zero joining and annual fees, and no foreign exchange markup for qualifying users. The platform supports bookings across airlines, hotels, visa services for 45 countries, and curated experiences under its “Scapia Unmapped” programme.
The company said that in the past year, users have booked travel to over 100 countries using its card. Scapia also recently launched a RuPay variant of its card to enable UPI-based payments and expand its reach in the domestic digital payments space.
Founded in 2022 by ex-Flipkart executive Goteti, with a focus on integrating financial products and travel services for younger consumers, Scapia operates in partnership with Federal Bank and claims card acceptance across over 150 countries.
ENDS//
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