Travel fintech Scapia raises $23 mn led by Elevation, Binny Bansal's 3State
Federal Bank, that comes with zero joining and annual fees, offering a zero-forex markup and unlimited domestic lounge access to its users on minimum monthly expenditure. It provides a 10% reward on every transaction, called 'Scapia coins'.
The company has also built a travel platform within the app to enable customers to redeem their coins for flight and hotel bookings. "Global travel has undeniably evolved into a ubiquitous phenomenon, witnessing a substantial increase among Indians in recent times.
The customer interest we see in Scapia's co-branded credit cards is a testament to the transformative power of fintech in making travel more accessible and delightful for Indians," said Mridul Arora, partner, Elevation Capital. "The rise of fintech in India has been nothing short of revolutionary, democratising access to financial services and empowering millions.
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