How Much Did Coda Raise? Funding & Key Investors

Date
March 25, 2025
Coda

Total amount raised

$715.3 Millions

Latest funding date

Coda

Location

Title

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Coda has successfully raised significant funding through multiple rounds, with its latest being a Series C. The company specializes in commerce solutions and out-of-app monetization, partnering with over 300 publishers across more than 60 markets.

Keep reading to explore the intricacies of Coda's fundraising journey and the investors backing this innovative platform.

What Is Coda?

Coda, founded in 2011 by Neil Davidson and Paul Leishman, is headquartered in Singapore. The company specializes in global payment solutions and out-of-app monetization, partnering with over 300 publishers across more than 60 markets.

With a workforce of 251-500 employees, Coda offers products like Codashop, Codacash, Codapay, and xShop, connecting partners to over 90% of the world's preferred payment methods. Their services help maximize revenue and unlock access to over 200 million paying customers worldwide.

Recognized as one of the fastest-growing fintech companies in the Asia Pacific region, Coda continues to innovate in the digital entertainment, fintech, and mobile payments industries.

How Much Funding Has Coda Raised?

  1. Seed Round
    • Amount Raised: $900K
    • Date: December 2012
    • Lead Investors: Not publicly disclosed
    • Valuation at Round: Not publicly disclosed
    • Motivation Behind the Round: To kickstart the company's operations and develop initial product offerings.
  2. Series A
    • Amount Raised: $2.3M
    • Date: December 2013
    • Lead Investors: GMO VenturePartners
    • Valuation at Round: Not publicly disclosed
    • Motivation Behind the Round: To expand the company's market presence and enhance product development.
  3. Series A
    • Amount Raised: $2M
    • Date: August 2016
    • Lead Investors: Not publicly disclosed
    • Valuation at Round: Not publicly disclosed
    • Motivation Behind the Round: To expand into new geographies and support more payment methods.
  4. Non-Equity Assistance
    • Amount Raised: $50K
    • Date: May 2016
    • Lead Investors: Google Launchpad Accelerator
    • Valuation at Round: Not publicly disclosed
    • Motivation Behind the Round: To receive mentorship and resources from Google to accelerate growth.
  5. Venture Round
    • Amount Raised: Not publicly disclosed
    • Date: June 2016
    • Lead Investors: MDI Ventures
    • Valuation at Round: Not publicly disclosed
    • Motivation Behind the Round: To further develop and scale the company's technology and services.
  6. Private Equity Round
    • Amount Raised: $20M
    • Date: November 2019
    • Lead Investors: Apis Partners
    • Valuation at Round: Not publicly disclosed
    • Motivation Behind the Round: To fuel international expansion and enhance product offerings.
  7. Series C
    • Amount Raised: $690M
    • Date: April 2022
    • Lead Investors: GIC, Insight Partners, Smash Ventures
    • Valuation at Round: Not publicly disclosed
    • Motivation Behind the Round: To scale operations globally and invest in new technologies.

Total Amount Raised: $715.25M. Current Valuation: Not publicly disclosed.

Key Investors

  • Insight Partners
    • Details: Insight Partners is a global private equity and venture capital firm that invests in high-growth technology and software companies. Founded in 1995, the firm has a strong track record of supporting innovative businesses.
    • Investment Focus Areas: Software, Internet, Data Services
    • Notable Investments: Twitter, Shopify, Wix
  • Smash Ventures
    • Details: Smash Ventures is a venture capital firm that focuses on investing in technology and media companies. The firm aims to support companies that are at the intersection of technology and entertainment.
    • Investment Focus Areas: Technology, Media, Entertainment
    • Notable Investments: Epic Games, MasterClass, Calm
  • Apis Partners
    • Details: Apis Partners is a private equity asset manager that focuses on growth markets. The firm specializes in financial services and related technology sectors.
    • Investment Focus Areas: Financial Services, Fintech, Growth Markets
    • Notable Investments: Not publicly disclosed
  • GMO VenturePartners
    • Details: GMO VenturePartners is a venture capital firm that invests in early-stage technology companies. The firm is part of the GMO Internet Group, which is a leading provider of internet services in Japan.
    • Investment Focus Areas: Technology, Internet Services, Fintech
    • Notable Investments: Not publicly disclosed
  • MDI Ventures
    • Details: MDI Ventures is a corporate venture capital initiative by Telkom Indonesia. The firm invests in technology startups that can create strategic value for Telkom Indonesia and its subsidiaries.
    • Investment Focus Areas: Technology, Telecommunications, Digital Services
    • Notable Investments: Not publicly disclosed

What's Next for Coda?

As Coda looks to the future, the opportunities are vast. With plans to expand into new geographies like Taiwan and support more payment methods, the company is poised to tap into Southeast Asia's growing online spending market, projected to reach $200 billion in the next decade. This expansion could significantly increase their transaction volume, currently at 17,000 per day.

Future fundraising opportunities are likely as Coda aims for profitability. Once achieved, additional funding rounds could help scale operations and develop new products, such as a mobile wallet. However, challenges remain, including integrating various payment methods and staying competitive in a rapidly evolving market.

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