Coda Payments Raised $690m at $2.5bn Valuation
The new investment will allow the company to fuel its cross-border payments efforts aimed at games and other digital products as well as alternative app stores.
Coda Payments, a Singapore-based fintech firm focused on gaming and entertainment, announced it has received a massive $690 million investment to fuel its cross-border payments efforts aimed at games and other digital products as well as alternative app stores.
The investment came from Smash Capital, GIC, and Insight Partners which also took a minority stake in the company from the former longtime shareholders. Coda Payments' former investors include Apis Partners, MDI Ventures, Google Launchpad Accelerator, GMO VenturePartners, and Accion Venture Lab.
According to Bloomberg, the company's current valuation reaches $2.5 billion. During a strategic review of Coda Payments' operations in November 2021, the company had been aiming for a valuation of at least $4 billion. With the recent funding of $690 million, the total investment received by Coda Payments to date exceeds $715 million.
"We wanted to bring on board some new investors with expertise to help support the company in its next phase of growth," said Neil Davidson, executive chairman and co-founder of Coda Payments, talking to GamesBeat. "We’ve had an interesting journey as a company. We achieved profitability relatively early in our history. And as a result, we haven’t really been on that cycle of new funding announcements every 18 months, with fresh investors kind of coming in."
Founded in Singapore in 2011 by Bobby Choi, Neil Davidson, and Paul Leishman, Coda Payment managed to gain several important gaming and digital content/service platforms as its customers including Moonton, Garena, Tencent, beIN, Bigo Live, Tinder, and Viu.
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