Singapore's Coda Payments raises US$690m, plans to use funds for expansion

[SINGAPORE] Digital content monetisation platform Coda Payments said on Friday it has raised US$690 million from Singapore's sovereign wealth fund GIC, venture capital firm Insight Partners and New York-based global private equity Smash Capital.

The Singapore-based firm plans to use the funds to expand to more territories through cross-border payments and alternative app stores, Coda said.

"This investment marks a significant milestone for Coda as we seek to offer content publishers and consumers more monetisation options," said Coda Payments Executive Chairman Neil Davidson.

Earlier in the week, Bloomberg reported that Coda was nearing a deal to raise funds at a valuation of about US$2.5 billion.

London-based private equity firm Apis Partners and all other existing shareholders will retain equity positions in Coda moving forward, the online payment processing firm said. REUTERS