Scapia raises $40 mn in Series B funding led by Peak XV Partners

Anil Goteti, Founder & CEO, Scapia

Scapia, a travel fintech company, has raised $40 million in Series B funding led by Peak XV Partners. This will enable Scapia to strengthen its team, enhance its product offerings, harness the power of AI and accelerate its growth plans.

The fundraiser saw the participation of existing investors, Elevation Capital, Z47, and 3STATE Capital.

Launched in June 2023, the Bengaluru-headquartered company offers a co-branded credit card and an app to customers to turn their daily expenses into rewards. These rewards turn into Scapia coins, which can be used to book hotels and flights online.

“Over the past three years, we have focused on creating exceptional travel products, forging strong banking partnerships and building a talented team. This has rapidly positioned Scapia as the preferred co-branded card and travel app for Gen Z and Millennials in India,” said Anil Goteti, company Founder & CEO.

Scapia’s co-branded card, developed with Federal Bank, offers zero joining and annual fees, no forex markup, and complimentary unlimited domestic lounge access based on qualifying monthly spend.

Credit to travel

“Millennials and Gen Z are turning travel into a guilt-free, all-pleasure experience, which is setting the stage for rapid growth in the travel industry in India. Scapia is uniquely positioned to fuel this revolution by merging a booming travel market with an untapped credit card market to offer a unique and delightful experience to this customer base,” said Tejeshwi Sharma, MD, Peak XV.

Over the past year, Scapia’s customers have used its co-branded credit card to travel to over 100 countries worldwide, it said in a statement. The company also recently launched a RuPay variant of its co-branded card with Federal Bank to capture UPI-based spends and broaden its reach across India’s digital payments ecosystem.

“The travel fintech space represents a significant opportunity, especially considering that Gen Z and millennials now account for 50 per cent of all credit card issuance in India—pointing to a rapidly growing, digital-first consumer base that will fuel an $80–100 billion annual revenue opportunity by 2030,” said Mridul Arora, Partner, Elevation Capital.

Scapia’s product-market fit positions them perfectly to capture an outsized share of this growing segment. Their co-branded card has tapped into exactly what the consumers want—zero joining & annual fees, no forex markup, and meaningful rewards that enhance the travel experience. We’re confident in Scapia’s continued momentum and pleased to strengthen our partnership with Anil and the team,” added Arora.

Published on April 3, 2025