Looks like a big round. What’s their business model?
Business model is:
- Commissions from every credit card issued
- Commissions from every travel purchase made from app
- In-app ad revenue
...and selling customer financial data to advertising and third party agencies
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After 8-9 months - Scapia fired 200 employees. One more startup inching closer to shutdown and failure.
FinTech is just another EdTech in the long run !
SteveRogers
Stealth
10 months ago
Most important thing:
Are they hiring?
Ser these things are now announced when term sheet is signed not at closing.
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It's nice to have zero forex but not worth it for people who already have top-tier CCs (Infinia, Magnus, AmexPlat, etc)
Think the TG is mass-market travellers so may be a good play
LightRefund
Student
10 months ago
Amex plat is not a good choice for forex.
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aanhserk
Stealth
10 months ago
I hope they build something else too. Like tripactions - a corporate travel booking/tracking platform or expensing platform. Selling 0 forex credit card is not worth raising 23M
DixonButts
Stealth
10 months ago
23M is massive. They will probably need to build a closed loop system where you depend on scapia on everything from financing your travel, bookings, flights/hotels, concierge services etc. But I think current players like MMT will also do the same thing in the future.
UrbanRun44
Stealth
10 months ago
Its good for people getting their first CC. Requires an FD. they have a strong team and good players as partners like federal bank
UrbanRun44
Stealth
10 months ago
Does it not? I haven’t completed my KYC yet but I am assuming it would ask. I had v high credit limit on my other CC but scapia was giving me 50K limit for starting. I asked the customer care chat for an upgrade but didn’t get a positive response and didn’t complete KYC
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Good for scapia, their app is well made but the choice of partner bank is equally shitty, totally apt to be called FedUp bank. The end user experience is medicore at best, there are other cobranded credit cards offering seamless onboarding.
Even kiwi has raised like 13 million, seems like a wave of new adults targeted cc startups coming.
ConcurrentThinker
Stealth
10 months ago
Scapia is looking to end up like MMT but looking to start with Forex.
I do not understand why they can't issue card if you already have another federal Bank related card like i have Jupyter which i don't actively use
