Scapia, a fintech company aiming to make travel accessible through its suite of financial products, has raised $23 million in its Series A funding round, led by Elevation Capital and 3STATE Ventures. The funds will be used to grow the customer base, add more banking partners, and enhance the product offerings. Scapia’s $23 million Series A fund-raise is a testament to the customers’ love for its co-branded credit card and app experience.
Within five months of launch, Scapia has gained widespread popularity and distributed its card in over 7500 pin codes. 40% of Scapia’s users are from beyond the top 30 cities, underscoring its rapid ascent in the country’s diverse financial landscape. Scapia’s user community, fondly referred to as ‘Scapia Tribe’, has used the app and card to travel across 50 countries on 5 continents.
Anil Goteti, Founder of Scapia, expressed his excitement at the customer affection and rapid growth since launch. He added, “This funding will fuel our efforts to grow our customer base, add more banking partners, and strengthen our product suite. We are grateful to our new and existing investors who believe in our vision and are helping us deliver a compelling proposition to our customers.”
