SCAPIA Secures $40 Million in Series B Funding for Travel Fintech Expansion
SCAPIA, an innovative travel fintech startup under BINDLURUU, has successfully raised $40 million in its Series B funding round. This investment was led by Pierre XV Partners, with participation from Elevation Capital, Z47, and 3State Capital.
Capital Infusion to Drive Growth in Travel Financial Products
The recent capital infusion comes at a crucial time as India’s younger demographic increasingly embraces travel-oriented financial products. This trend positions SCAPIA for rapid growth in a transforming marketplace, offering unique financial solutions tailored for modern travelers.
Founded by Industry Veteran Anil Gateti
SCAPIA was founded by Anil Gateti, a former executive at Flipkart. Under his leadership, the startup has swiftly become the go-to travel card and credit card platform for Generation Z and millennials. The new funds will be utilized to strengthen the team, enhance product offerings, and integrate artificial intelligence into its operations to better meet customer demand.
“With backing from XV Partners and our existing investors, we are poised to accelerate our product development timeline, delivering innovative solutions to travelers faster than ever,” said Anil Gateti, the founder and CEO of SCAPIA.
Introducing the Jet-Set Credit Card
SCAPIA’s co-branded credit card, developed in partnership with Federal Bank, features attractive interest rates, zero Forex markup, and enticing benefits such as unlimited access to airport lounges based on eligible monthly spending. This card is designed for the adventurous and conscious traveler seeking financial rewards.
Rewards Program and Global Reach
The startup’s offerings extend to customers who can earn 10% rewards on everyday purchases and 20% rewards on travel bookings made through the SCAPIA platform. In just one year, cardholders have utilized these benefits to travel to over 100 countries, showcasing the card’s global appeal.
Seamless Travel Experience for Millennials and Gen Z
Tejeshwi Sharma, CEO of PEAK XV, highlights that millennials and Generation Z are transforming travel into guilt-free experiences. “SCAPIA is well-positioned to capitalize on this revolution, bridging a booming travel market with an underutilized credit card space,” said Sharma.
Innovative Travel Solutions and 24/7 Support
SCAPIA’s platform allows users to book and manage travel seamlessly while gaining rewards across global airlines, over 500,000 hotel properties, visas for 45 destinations, and domestic transport options. With features like “Travel Now, Pay Later” and round-the-clock customer support, SCAPIA offers a comprehensive travel solution for the modern consumer.
Launch of the RuPay Co-Branded Card
Recently, SCAPIA launched a RuPay variant of its credit card, co-branded with Federal Bank, aimed at capturing expenditures through the UPI platform and expanding within India’s digital payments ecosystem.
Vikram Vaidyanathan, CEO of Z47, stated that SCAPIA is revolutionizing how the next generation of Indians travel and spend on experiences, emphasizing innovations like airport privileges and a hassle-free booking experience. As Generation Z and millennials represent 50% of the credit card market in India, the demand for tailored financial solutions continues to grow.
Looking Ahead: The Future of Travel Fintech
SCAPIA is set to redefine the travel fintech landscape with its unique offerings, which include zero annual fees, no foreign exchange markup, and significant rewards, all aimed at enhancing the travel experience for a new generation of explorers.