Scapia secures $23 million in Series A funding round led by Elevation Capital, 3STATE Ventures

Fintech firm Scapia has raised $23 million in a Series A funding round led by Elevation Capital and Binny Bansal's 3STATE Ventures. Existing investors, including Matrix Partners India and Tanglin Venture Partners, also participated in the funding round.

The Series A round's success underscores the strong customer reception to Scapia's co-branded credit card and its user-friendly app experience. In five months since its launch, Scapia has distributed its credit card in over 7,500 pin codes.

Scapia will use the funds to expand its customer base, forge partnerships with additional banking institutions, and enrich its product offerings.

Anil Goteti, Founder of Scapia, expressed gratitude to both new and existing investors who share in the company's vision and contribute to delivering a compelling proposition to its customers. 

Scapia claims to have 40 per cent of its users from beyond the top 30 cities.

Mridul Arora, Partner at Elevation Capital, emphasised the transformative impact of fintech in making travel more accessible and enjoyable for Indians. Binny Bansal echoed this sentiment, recognising the revolutionary role of fintech in India, democratising access to financial services and empowering millions. He expressed excitement about Scapia's rapid progress and reiterated their commitment to the company.

(With PTI Inputs)