Travel fintech Scapia has raised $23 million in new funding in a round led by Elevation Capital and Binny Bansal’s 3 State Ventures. The round saw participation by existing investors, including Matrix Partners and Tanglin Venture Partners.

The new capital will be used to double down on the company’s growth, expand its customer base, onboard more banking partners, and strengthen its product suite.

Founded by ex-Flipkart senior executive, Anil Goteti, Scapia announced a seed round of funding to the tune of $9 million in June. Flipkart founder Binny Bansal’s 3 State Ventures had participated in the previous funding round as well.

New launch

Scapia features a credit card and an app that allows customers to earn points earned on card spends to be redeemed for flights and hotel stays worldwide. It has partnered with Federal Bank, which runs on the Visa network, earlier this month.

Within five months of launch, Scapia has distributed its card in over 7500 pin codes. Nearly 40 per cent of Scapia’s users are from beyond the top 30 cities, said the company in its statement.

“We’re thrilled by the customer affection and rapid growth Scapia has experienced since launch. This funding will fuel our efforts to grow our customer base, add more banking partners and strengthen our product suite. We are grateful to our new and existing investors who believe in our vision and are helping us deliver a compelling proposition to our customers,” Anil Goteti, Founder of Scapia

“The rise of fintech in India has been nothing short of revolutionary, democratising access to financial services and empowering millions. Among such innovations, Scapia stands out with its differentiated solutions tailored for travel, addressing a vital need for aspiring Indians. We are excited by Scapia’s progress in a short time and happy to continue our commitment to the company,” said Binny Bansal, 3State Ventures.