Coda Payments, a Singapore based Fintech startup has secured $2m from IMJ Investment Partners. The round also saw participation of existing investors namely GMO Global Payment Fund, Golden Gate Ventures, and Skype co-founder Toivo Annus.
The funding would be used to expand into new geographies and to support more payment methods, such as subscription billing for services like music or film streaming.
IMJ Investment Partners has assembled an impressive portfolio of investments in Southeast Asia and we are delighted to welcome them to our investor group.
said Neil Davidson, CEO of Coda Payments, in an official statement.
The total capital raised amounts to $5.2 million raised till date. It had raised a $2.3 million Series A in December 2013, and $900K seed in 2012. And, the startup isn’t considering this as a Series B round.
Founded in 2012, Coda Payments offers Codapay, a multichannel online payment gateway Codapay and its consumer-facing gift code distribution platform Codashop. Initially, it focused on Indonesia in 2013, but since then it has expanded and covers Singapore, Malaysia, Thailand, Vietnam, the Philippines and Indonesia. Its digital services are being used by firms like Baidu, Garena, and Huawei, among others.
The company has built the most extensive network of direct carrier billing connections in Southeast Asia. It claims to accept payments from more than 500 million customers with 17,000 transactions daily. It has collaborated with M1, StarHub, Singtel, DiGi, Telkomsel, Inmost Ooredoo and XL Axiata, and enables purchases online or in-app, deducting money from their prepaid mobile credit or sharing it to their postpaid bills. The payments can be made through bank transfers, cash payments at convenience stores, vouchers, and ewallets.
Yasuhiro Seo, Partner at IMJ Investment Partners, said,
Coda has built something unique: an online payment gateway that allows merchants to accept payments from more than 500 million customers across Southeast Asia. Particularly notable is their carrier-billing coverage: Coda works directly with more than a dozen telcos in Southeast Asia, a position no other aggregator can match.