Fintech firm Scapia has raised $9 million (about Rs 74 crore) in a seed funding round led by Matrix Partners India for scaling up its co-branded credit card business, the company said on Wednesday.
Tanglin Venture Partners, Binny Bansal's 3STATE Ventures and notable angel investors such as Keki Mistry (HDFC chief operating officer) also participated in the funding round.
Scapia is a travel fintech company and has launched co-branded credit card in partnership with Federal Bank which has been developed to target travelers.
"We are excited to partner with our investors to help us scale and meet these customer needs. We see a massive opportunity for Scapia — less than 5% of the population currently have credit cards and India is projected to have 200 million credit cards in circulation by 2030," Scapia, Founder Anil Gotetti said.
The company has also built a travel platform within the app to enable customers to instantly redeem their coins for flight and hotel bookings.
"We are big believers in transaction credit and creating unique user journeys combining commerce and financing. Scapia has created one such user journey, enabling new travel experiences through a fintech suite of products, and a business model traversing both these sectors. We are privileged to partner with this team," Matrix Partners India, Managing Director, Vikram Vaidyanathan said.
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