Scapia Raises $9 Million for Travel Rewards Credit Card
Skift Take
Travel Startup Funding This Week
Each week we round up travel startups that have recently received or announced funding. Please email Travel Tech Reporter Justin Dawes at jd@skift.com if you have funding news.Five travel tech startups raised $63.2 million this week.
>>Scapia, which offers a credit card and software dedicated to travelers, has raised $9 million in seed funding. It was led by Matrix Partners India, with participation from Tanglin Venture Partners, Binny Bansal’s 3STATE Ventures, and angel investors including Keki Mistry.
The Bangalore-based company has been operating in stealth mode for the past year and released a co-branded Visa credit card in partnership with Federal Bank for the Indian market.
Benefits include no foreign exchange fees, unlimited domestic airport lounge access, no annual or joining fees, and 10% rewards for all purchases.
The credit card app includes a tool that enables customers to instantly redeem points for flight and hotels, bookable through the app, the company said.
Scapia was founded by Anil Goteti, former executive of Indian ecommerce company Flipkart.
Goteti said in a statement that fewer than 5% of Indians have credit cards, and the country is projected to have 200 million credit cards in circulation by 2030.
“Millennials, with their considerable interes
