Singapore fintech startup Coda Payments raises over $20m

Singapore-based payments service provider Coda Payments announced that it’s bagged an investment of more than US$20 million in a deal led by private equity asset manager Apis Partners through its Apis Growth Fund II.

Photo credit: Chanzj

Founded in 2011, Coda helps publishers such as Tencent, Garena, and Netflix monetize games and other digital content. Through Codapay, Coda allows these companies to accept more than 100 payment methods on their websites, including direct carrier billing, bank or ATM transfer, cash payments at convenience stores, online vouchers, and e-wallets.

It also operates Codashop, a platform where users can top up their game credits and other digital services. It also offers a white-label version of Codashop, which allows ecommerce sites to offer a wide range of digital content.

Apis’ knowledge of the payments landscape in emerging markets would help Coda expand its footprint to new markets and develop more products, said Coda CEO Philippe Limes.

As part of the deal, Apis and one of Coda’s existing angel investors, Skype co-founder Toivo Annus, acquired an undisclosed amount of shares from “several” of Coda’s seed-stage backers.

See also: Profitable and growing: Coda Payments’ niche in Southeast Asia’s brutal fintech scene

In April, the company said it has been profitable for around a year and a half. Since it began processing transactions in 2013, Coda claims to have tripled the total value of payments that it handles annually on average.

It has raised at least US$5.3 million from a number of funding rounds, according to data from Crunchbase. Its existing backers include GMO Global Payment Fund, Rakuten Ventures, CyberAgent Ventures, and Golden Gate Ventures, among others.