Fintech startups Scapia and Kiwi have raised large Series A funding rounds from a bunch of marquee venture capital firms to develop their product offerings.
Scapia, which bagged $9 million in a seed round in June this year, has raised $23 million in its Series A round.
The Bengaluru-based startup’s new round was led by VC firms Elevation Capital and 3STATE Ventures. Existing investors Matrix Partners India and Tanglin Venture Partners joined the round.
Scapia, founded by former Flipkart executive Anil Goteti, offers financial products and travel services through its co-branded credit card in partnership with Federal Bank.
“This funding will fuel our efforts to grow our customer base, add more banking partners and strengthen our product suite,” Goteti said in a statement. Goteti was previously Senior Vice President at Flipkart. He also co-founded Protonn, which provided tools for independent professionals to start and grow their businesses, before it shut down in 2022.
Scapia was operating in stealth mode until June this year. Its card provides rewards such as zero-forex markup, domestic lounge access with no joining and annual fees. Scapia offers a 10% reward on every transaction, minting these into Scapia coins, which can be redeemed on its app to book flights and hotels.
“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.
Scapia targets travel enthusiasts, particularly millennials, who are looking for a card that gives them perks for travel. The company said about 40% of its users are from beyond the top 30 cities in the country.
"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,” said Binny Bansal of 3STATE Ventures.
Kiwi said Tuesday it secured $13 million (Rs 108.3 crore) in a Series A funding round led by Omidyar Network India. Existing investors Nexus Venture Partners and Stellaris Venture Partners also participated in this round.
The startup will use the funding for product development and expansion of its offerings.
"The funds will enable us to further develop our services and offer innovative products to our customers as we enter the next phase of product development and growth,” said Anup Agrawal, co-founder and chief executive officer, Kiwi.
Founded in 2022 by Siddharth Mehta, Mohit Bedi and Anup Agrawal, Kiwi is a fintech startup that offers credit on UPI solutions for customers. Through its application, it aims to issue Rupay cards in partnership with banks.
The startup raised $6 million in a pre-seed round from Nexus, Stellaris and a clutch of angel investors in May this year.
