Scapia Secures USD 23 Million in Funding Round Led by Elevation Capital, 3STATE Ventures
Fintech startup Scapia has successfully raised USD 23 million in a recent funding round, with Elevation Capital and Binny Bansal’s 3STATE Ventures leading the investment. The round also saw participation from existing investors, including Matrix Partners India and Tanglin Venture Partners.
Fueling Growth Through Co-branded Credit Cards
Scapia’s Series-A fundraise of USD 23 million reflects the strong customer adoption of its co-branded credit card and user-friendly app experience. Since its launch just five months ago, Scapia has already distributed its card in over 7,500 pin codes, demonstrating significant traction in the market.
Offering Financial Products and Travel Services
Specializing in financial products and travel services through its co-branded credit cards, Scapia aims to revolutionize the way Indians access and experience travel.
Expansion Plans and Product Enhancement
The infusion of funds will enable Scapia to accelerate its growth trajectory by expanding its customer base, forging partnerships with additional banking institutions, and enriching its product offerings.
Founder’s Vision
Anil Goteti, Founder of Scapia, expressed gratitude towards both new and existing investors for their support and belief in the company’s vision. He emphasized that the funding will facilitate the realization of Scapia’s mission to provide a compelling proposition to its customers.
Beyond Major Cities: Targeting Untapped Markets
Scapia boasts a significant user base, with 40% of its customers hailing from beyond the top 30 cities in India. This underscores the company’s success in tapping into previously underserved markets and catering to the diverse needs of users across the country.
Partnering for Success
Mridul Arora, Partner at Elevation Capital, commended Scapia’s ability to leverage fintech to democratize access to financial services and enhance travel experiences for Indians. Elevation Capital is excited to collaborate with Anil Goteti and his team to further drive Scapia’s growth.
Binny Bansal echoed similar sentiments, emphasizing the transformative role of fintech in India’s financial landscape. He expressed confidence in Scapia’s progress and reiterated his commitment to supporting the company’s journey.
In conclusion, Scapia’s latest funding round not only signifies investor confidence but also underscores the growing potential of fintech to reshape the financial services sector and empower millions of individuals across India.
