India, April 3 -- Former Flipkart executives' travel fintech startup Scapia has secured $40 Mn (around INR 342 Cr) in a Series B funding round led by Peak XV Partners, along with participation from existing investors Elevation Capital, Z47 and Binny Bansal's 3STATE Capital.

The startup plans to use the fresh capital for product development, team expansion and also integrate AI to further propel its growth chart.

Founded in 2022 by Flipkart's former senior vice president Anil Goleti, Scapia offers co-branded credit cards in partnership with Federal Bank, especially designed for catering to the needs of GenZs and millennials travelers. The co-branded card, which works on the Visa network offers various rewards, including a zero-forex mark...