Singapore's Coda Payments raises US$690m, plans to use funds for expansion
Add BT as a preferred source
[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
Decoding Asia newsletter: your guide to navigating Asia in a new global order. Sign up here to get Decoding Asia newsletter. Delivered to your inbox. Free.
Share with us your feedback on BT's products and services
TRENDING NOW
Think twice about rebuilding that old landed property into a super-big house to max out GFA
SpaceX’s US$1.75 trillion IPO: How retail investors, including those in Singapore, can buy shares
Yeo’s, Tiger Beer and now Gardenia – flight of food manufacturing from Singapore might be just as planned
Battle for Asia’s ultra-rich: ‘Singapore can’t afford to keep losing clients to Dubai, Hong Kong’
