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, according to GamesBeat.
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.
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.
Codashop bills itself as a trusted source of in-game currencies and other premium content for millions of consumers in more than 50 territories worldwide. And it says it is the only independent content marketplace with a global footprint.
Through Codashop, developers and publishers make it easier for their customers to access the content they love by allowing them to choose from more than 300 convenient payment methods. Coda also operates Codapay, which publishers use to accept the same range of payment methods available on Codashop on their own websites, and Codacash, a closed-loop e-wallet that offers loyalty rewards to customers.
Codashop’s first market was Indonesia. Now it operates in about 50 markets, starting in Southeast Asia and expanding into place like South Asia, the Middle East, Latin America, and since September, Europe. Many of the markets where it operates are emerging markets.
To make a purchase in Codashop, you submit your player ID for a game. Then you choose the denomination of virtual currency that you want to purchase and then it is instantly added into the app. The shop is connected directly to the API for the game so that the delivery can be instant. Instead of taking a 30% commission as the traditional app stores do, Codashop takes 15%.
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Founded in 2011, Coda Payments helps digital content providers monetize their products and services in more than thirty markets. Publishers of leading games like Moonton (Mobile Legends: Bang Bang), Garena (Free Fire) and Tencent (PUBG Mobile), streaming platforms like beIN and Bigo Live, apps like Tinder, and video-on-demand platforms like Viu have integrated with Coda Payments to accept payments.
Codashop was visited more than 1 billion times in 2020 by customers intent on paying for games and digital content.
Coda Payments is headquartered in Singapore with dozens of additional outposts around the world.
Banking 4.0 – „how was the experience for you”
„So many people are coming here to Bucharest, people that I see and interact on linkedin and now I get the change to meet them in person. It was like being to the Football World Cup but this was the World Cup on linkedin in payments and open banking.”
Many more interesting quotes in the video below:
