With India’s youth driving an unprecedented surge in the country’s foreign travel outflow, several digital-first travel-focused platforms have gained immense popularity. Perhaps one of the most talked about among them is Scapia — the digital-first credit card issuer — which offers a high-benefits foreign-travel focused credit card. And amassed with a serious and largely loyal consumer base, Scapia has now raised $63Mn in its Series C round — welcoming General Catalyst as the lead investor.
The round also saw participation from existing investors Peak XV Partners and Z47.
This Series C round comes nearly a year after it had raised $40Mn in a Series B. And as was the case with its previous round, Scapia says it will continue to double down on its AI-first travel experiences, still mostly in fintech.
“Today, Scapia is a comprehensive travel ecosystem powered by a financial product at its core, designed for a generation of Indians that treats travel as a way of life. This round will help us strengthen our product suite further, bring more value to our customers through more offerings, scale the brand and bring in the best talent as we double down on building an AI-first culture and product approach”, said Founder & CEO Anil Goteti.
Scapia’s credit cards are backed as co-branded credit cards in partnership with Federal Bank and BOBCARD. It was also the first in India, to launch a dual-network co-branded credit card spanning both Visa and RuPay. RuPay is India’s own domestic card payment network, which has rapidly taken over Visa & Mastercard in the country, partly thanks to its Government backing.
A key differentiation for Scapia, has been its ‘zero forex markeup’ offering, something that most cards in India, even those from major banks, fail to offer. Scapia also introduced Airport Privileges going well beyond traditional lounge access into dining, retail and duty-free experiences.
Over the last six months, Scapia has introduced a series of new products and features including Scapia Pay, a rewards-first UPI experience, add-on credit cards, credit card bill payments across all banks via BBPS, the Scapia Store, Scapia Experiences and more.
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