Two fintech companies Kiwi and Scapia have raised $13 million and $23 million respectively in their Series A funding round. Kiwi announced the funding round was led by Omidyar Network India while the company’s existing investors Nexus Venture Partners and Stellaris Venture Partners also participated.
“We started Kiwi in 2022, with an aim to upgrade the UPI experience for Millions of Indians. With this passion, we are exhilarated to announce that we have raised $13 Million in our Series A funding round!,” the company said in a LinkedIn post.
With the help of this funding, Kiwi will be able to further expand its credit cards on UPI offerings in the country. Sharing details about its future plans, the company said, “The journey ahead is filled with milestones targeted around improving the technology, consumer experience and adding new talent to an already exceptional team.”
Notably, Kiwi is certified by NPCI as a licensed UPI third party app and its application enables users to make payments using credit card or a bank account directly through their smartphone.
On the other hand, fintech startup Scapia raised $23 million in its Series A funding round led by Elevation Capital and Flipkart Co-founder Binny Bansal’s 3STATEVentures. The company offers credit cards for travellers and its existing investors Matrix Partners India and Tanglin Venture Partners also participated in the Funding round.
With the new capital, Scapia will continue to grow its customer base, add more banking partners and further strengthen its product suite, ensuring more travellers enjoy seamless, rewarding experiences.
“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,” Binny Bansal stated.