Fintech company Scapia has raised $23 million in a funding round, led by Elevation Capital and Binny Bansal's 3STATE Ventures.
The round also saw participation from existing investors -- Matrix Partners India and Tanglin Venture Partners.
"Scapia's $23 million Series-A fundraise is a testament to the customers' love for its co-branded credit card and delightful app experience. Within five months of launch, Scapia has distributed its card in over 7,500 pin codes," the company said in a statement.
Scapia offers financial products and travel services through its co-branded credit cards.
The company plans to use the funds to grow the customer base, add more banking partners, and enhance the product offerings.
"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," Scapia, Founder, Anil Goteti said.
Scapia claims 40% of its users are from beyond the top 30 cities.
"The customer interest we see in Scapia's co-branded credit cards is a testament to the transformative power of fintech in making travel more accessible and delightful for Indians. We are excited to partner with Anil and his team," Elevation Capital, Partner, Mridul Arora said.
Bansal said that the rise of fintech in India has been nothing short of revolutionary, democratising access to financial services and empowering millions.
"We are excited by Scapia's progress in a short time and happy to continue our commitment to the company," he said.
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