Coda Payments raises $690M for cross-border payments and alternative app stores
GamesBeat Summit 2022 returns with its largest event for leaders in gaming on April 26-28th. Reserve your spot here!
Coda Payments has raised $690 million in funding to enable cross-border payments for games and other digital products, as well as alternative app stores. While the funding amount is impressive, no money will go to the company as existing longtime shareholders are selling their stakes to the new investors.
Smash Capital, Insight Partners, and GIC invested funds to acquire a minority stake in the Singapore-based company as it expands to more territories. Bloomberg reported the valuation of the company was $2.5 billion. And while it’s a secondary recapitalization, it shows that investors still have confidence in Coda Payments as it grows bigger.
Apis Partners and all of the company’s other existing shareholders retain equity positions in Coda moving forward.
“We wanted to bring on board some new investors with expertise to help support the company in its its next phase of growth,” said Neil Davidson, CEO of Coda Payments, in an interview with 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.”
He added, “Given our ambitions have so dramatically increased over the last few years, as we’ve, we really wanted to bring on board some new investors who have experience shepherding companies through the growth stage. And so that’s what led us to go out and find these new investors.”
Codashop bills itself as a trusted source of in-game currencies and other premium content for millions of consumers in more than 50
Read more on venturebeat.com
