Scapia secures $40M in Series B round led by Peak XV Partners
Summary
Travel-focused fintech Scapia on Thursday said it 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 startup will use the funding to accelerate product development in travel and financial services, enhance AI capabilities, and expand its team, it said in a statement. "Over the past three years, we have focused on creating exceptional travel products, forging strong banking partnerships, and building a talented team," said Anil Goteti, Founder and CEO of Scapia. "With the support of Peak XV and our existing investors, we are poised to accelerate our product roadmap and deliver innovative solutions to travellers faster than ever before," he added.Scapias co-branded card, developed with Federal Bank, offers zero joining and annual fees, no forex markup, and complimentary unlimited domestic lounge access based on qualifying monthly spend.Users receive 10% rewards on all transactions, with 20% rewards on travel bookings made through Scapias app. Scapias product-market fit positions them perfectly to capture an outsized share of this growing segment," said Mridul Arora, Partner at Elevation Capital. Scapia is uniquely positioned to fuel this revolution by merging a booming travel market with an untapped credit card market to offer a unique and delightful experience to this customer base," said Tejeshwi Sharma, Managing Director at Peak XV Partners.Recently, Scapia launched a RuPay variant of its co-branded card to capture UPI-based spends.In January last year, The CapTable reported that Scapia had outraged users by slashing credit limits drastically.