Coda Payments snags $2 mln

Asia-based alternative payment solutions provider Coda Payments has raised $2 million in funding. The investors included IMJ Investment Partners, GMO Global Payment Fund and Golden Gate Ventures.


SINGAPORE – Coda Payments today announced that it has closed a US$2.0 million financing round from IMJ Investment Partners and others including existing investors GMO Global Payment Fund, Toivo Annus, and Golden Gate Ventures. The fresh capital will be used to add capabilities and geographies to its multichannel online payment gateway Codapay and its consumer-facing gift code distribution platform Codashop.

Coda helps digital content providers including Baidu, Alibaba’s UCWeb, Kunlun, Garena, and dozens of other game developers to collect payments from customers in Indonesia, Malaysia, Philippines, Singapore, Thailand, and Vietnam. Every day customers make more than 17,000 payments using Codapay via carrier billing, bank transfer, cash-payment at convenience store, voucher, and e-wallet payment channels.

Neil Davidson, CEO, Coda Payments, said, “IMJ Investment Partners has assembled an impressive portfolio of investments in Southeast Asia and we are delighted to welcome them to our investor group.” Yasuhiro Seo, Partner, 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.”

About Coda Payments (
Codapay is an alternative payment gateway that enables some of the world’s largest digital content providers to accept payments in Indonesia, Malaysia, Philippines, Thailand, Singapore and Vietnam. Coda has direct commercial and technical interfaces with leading telcos including Telkomsel, Indosat Ooredoo, XL Axiata, Hutchison Tri Indonesia, Singtel, M1, StarHub, Maxis, DiGi, Globe, and Smart, and works with convenience stores like 7-Eleven, voucher issuers like True Money, and e-wallet providers like Doku Wallet.

Codashop is an online distribution platform for gift codes from some of the world’s most popular gaming platforms, including Steam.

Coda is backed by a group of leading venture capital funds and angel investors, including GMO Global Payment Fund, Rakuten, CyberAgent Ventures, and IMJ Investment Partners.

About IMJ Investment Partners (
IMJ Investment Partners was founded in January 2012 in Tokyo, originally with a focus on investing in startups in Japan and Silicon Valley. Sensing the region’s great potential for growth, in mid-2012 it began operations in Southeast Asia and established a new head office in Singapore in February 2013. Its current activities mainly consist of venture investment and support in Southeast Asia and Japan.