Scapia bags seed funding of $9 mn

New Delhi: Fintech firm Scapia has raised $9 million (about Rs74 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 CEO) also participated in the funding round. Scapia is a travel fintech company on a mission to make travel accessible through its suite of financial products. It 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 per cent 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.