Coda Payments takes $2m to expand around South-East Asia

South-East Asian payments gateway Coda Payments has raised $2m in a new round of funding. The capital comes from IMJ Investment Partners, as well as existing backers GMO Global Payment Fund, Toivo Annus and Golden Gate Ventures.

The Singapore-based company’s Codapay platform allows digital content providers to accept payments through telecom bills, bank transfers, cash payments at stores, vouchers and ewallets.

Coda counts Baidu, Alibaba’s UCWeb, Kunlun, Garena and a number of games developers among its clients across Indonesia, Malaysia, Philippines, Singapore, Thailand and Vietnam.

The company says it will use the capital to expand its geographic reach and to further develop Codashop, its gaming gift code distribution platform.

Coda says it collects payments from 500m customers with 17,000 transactions taking place on the platform daily.

The new round brings Coda’s total funding to $5.2m, with Rakuten and CyberAgent Ventures previously investing.

Copyright © 2016 FINTECH GLOBAL

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