Singapore's Coda Payments raises $690m

Apis Partners, an emerging markets fintech investor and an existing shareholder, re-upped in the round.

Coda raised over USD 20m in a 2019 round led by Apis, which facilitated exits for several seed-stage investors. This followed a USD 2m round in 2016 featuring Japan’s IMJ Investment Partners, GMO Global Payment Fund, Toivo Annus, and Golden Gate Ventures.

Three years before that, GMO, Golden Gate, Toivo Annus, Rakuten, and CyberAgent Ventures committed USD 2.3m. This followed a seed round of undisclosed size in 2012.

Coda Payments operates Codashop, a source of in-game currencies and other premium content for millions of consumers in more than 50 territories worldwide. Backed by a secure and reliable payments infrastructure, it allows customers to select from a wide range of payment methods and access exclusive deals.

The company also offers Codapay, which allows publishers of digital content to accept 300 payment methods on their own websites, and xShop, which is used to distribute content through various e-commerce and other consumer-facing platforms.

“Accepting payments for mobile games and digital entertainment in emerging markets across the globe is incredibly complex given the number of payment methods that exist, each of which requires time and resources to integrate," said A.J. Malhotra, a managing director at Insight, in a statement.

"Coda is the industry leader in simplifying this monetisation process, along with helping consumers access and enjoy great content.” 

Evan Richter, a founding partner at Smash Capital, added that his firm believes that the way people experience the internet will increasingly resemble video games. Coda "empowers the world to consume these immersive experiences.”

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• Topics
• Southeast Asia
• Financials
• Technology
• Expansion
• Singapore
• Fintech
• GIC Private
• Insight Partners
• Apis Partners