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BREAKING NEWS
Source: Thailand Startup News  Nov 19, 2019

Singapore Startup Coda Payments Raises Over US$20 Million In Funding

Singapore Startup Coda Payments Raises Over US$20 Million In Funding
Source: Thailand Startup News  Nov 19, 2019
Coda Payments, a Singapore fintech startup which is a payments service provider  announced investments of more than US$20 million in a deal led by private equity asset manager Apis Partners through its Apis Growth Fund II. The money was raised as part of its later stage fundings.



Inaugurated 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.

The startup 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.

Coda’s CEO and cofounder Philippe Limes, told Thailand Startup News.”Apis’ knowledge of the payments landscape in emerging markets would strategically help Coda expand its footprint to new markets and develop more products.”

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.

In April, the startup 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 seed funding rounds, according to data from other media sources. Its existing backers include GMO Global Payment Fund, Rakuten Ventures, CyberAgent Ventures, and Golden Gate Ventures, among others.