SG gaming-focused payments firm raises $690m at $2.5b valuation

Update (Apr. 15, 11:00 a.m. SGT): This article was updated to include more details on the funding round.

Coda Payments, a fintech firm focused on gaming and entertainment, has raised US$690 million in a round participated by Smash Capital, Insight Partners, and GIC, VentureBeat reported.

The three investors also took a minority stake in the company from longtime shareholders. Meanwhile, all of Coda’s existing shareholders still hold equity positions in the company.

In a recent report, Bloomberg pegged Coda’s valuation at around US$2.5 billion, citing sources.

Coda said it will use the new funding to fuel its cross-border payment efforts and its alternative app store ambitions.

The investment comes amid reports that Coda was exploring a potential sale of the business, a public listing, or a private fundraise.

The company had been aiming for a valuation of at least US$4 billion during a strategic review of its operations in November 2021.

Founded in 2011, Coda helps digital content providers monetize their products and services. Games and platforms that support Coda Payments include PUBG Mobile, Call of Duty: Mobile, Mobile Legends: Bang Bang, Bigo Live, and Viu.

In October 2021, Coda acquired mobile esports platform Baash from developer Capsl Entertainment in a bid to expand its suite of solutions.

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