Bengaluru-based journey fintech firm Scapia has raised $40 million in collection B funding, led by Peak XV Companions, with assist from current buyers Elevation Capital, Z47, and 3STATE Capital.
In response to the corporate, the funding will assist product improvement, workforce enlargement, and the combination of AI into its journey and monetary providers choices.
“This funding represents far more than capital. It’s a validation of our core perception that journey shouldn’t be an occasional luxurious that competes with different priorities, however an integral a part of residing a richer life,” stated Anil Goteti, founder & CEO of Scapia on LinkedIn.
“With the assist of PeakXV and our current buyers, we’re poised to speed up our product roadmap and ship progressive options to travellers sooner than ever earlier than.”
Scapia’s co-branded bank card, developed in partnership with Federal Financial institution, affords aggressive rewards, zero becoming a member of and annual charges, and no foreign exchange markup. Cardholders profit from airport privileges, 10% rewards on transactions, and 20% rewards on journey bookings made by way of the app.
“Millennials and Gen Z are turning journey right into a guilt-free, all-pleasure expertise, which is setting the stage for fast progress within the journey trade in India. Scapia is uniquely positioned to gasoline this revolution,” stated Tejeshwi Sharma, managing director at Peak XV Companions.
The Scapia app permits reserving and rewards redemption for airways, inns, visas, and transport, with versatile cost choices similar to “Journey Now, Pay Later”. It not too long ago launched a RuPay model of its co-branded card to increase its attain in India’s digital funds market.
Scapia’s clients have used its card to journey to over 100 nations, and the corporate plans to increase its providers additional within the Indian market.
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