Travel card fintech Scapia has raised $40 million in a Series B round led by Peak XV Partners. Existing investors Elevation Capital, Z47, and 3STATE Capital also participated in the round.

The funds will be used to expand the staff, boost product offerings, and integrate AI-driven solutions. 

Founded by former Flipkart executive Anil Goteti in 2023, Scapia offers a lifetime-free credit card with travel rewards. These benefits are converted into Scapia tokens, which can be used to book hotels and flights online. It generates revenue through interchange fees, interest on EMIs, and partner commissions from travel bookings.

Scapia offers a co-branded credit card in partnership with Federal Bank and is looking to grow its banking network. The startup is also looking to acquire companies that provide synergy.

The startup raised $9 million in its initial investment round, which was headed by Matrix Partners, in June 2023. The company raised $23 million in a Series A round in November 2023 led by Elevation Capital and Binny Bansal’s fund 3State Ventures.