Coda Payments (“Coda”), the world’s leading independent platform for digital content monetization, announced that a consortium of top-tier growth investors has acquired a minority stake in the company.
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Smash Capital, New York-based global private equity and venture capital firm Insight Partners, and Singapore’s sovereign-wealth fund GIC invested US$690 million to partner with the company during a period of rapid international expansion. Apis Growth Fund II, a private equity fund managed by Apis Partners LLP (“Apis Partners”), and the company’s other existing shareholders retain equity positions in Coda moving forward.
“This investment marks a significant milestone for Coda as we seek to offer content publishers and consumers more monetization options,” said Neil Davidson, Executive Chairman and Co-founder, Coda Payments. “We have spent more than 10 years building the world’s leading independent platform for digital content monetization and are thrilled to welcome Smash Capital, Insight Partners, and GIC as partners as the company embarks on its second decade of growth.”
Codashop, a trusted source of in-game currencies and other premium content for millions of consumers in more than 50 territories worldwide, is the only independent content marketplace with a global footprint. Through Codashop, developers and publishers make it easier for their customers to access the content they love by allowing them to choose from more than 300 convenient payment methods. Coda also operates Codapay, which publishers use to accept the same range of payment methods available on Codashop on their own websites, and Codacash.
“We at Smash believe that the way people experience the internet will increasingly resemble video games. Coda empowers the world to consume these immersive experiences,” said Evan Richter, Founding Partner at Smash Capital. “The Smash team and I are humbled to have the opportunity to partner with Coda as it becomes a truly generational brand in gaming and beyond.”
“Accepting payments for mobile games and digital entertainment in emerging markets across the globe is incredibly complex given the number of payment methods that exist, each of which requires time and resources to integrate. Coda is the industry leader in simplifying this monetization process, along with helping consumers access and enjoy great content,” said AJ Malhotra, Managing Director at Insight Partners. “We are excited to partner with the Coda team as they continue to expand and Scale Up.”
Matteo Stefanel, Apis Partners Co-founder and Managing Partner, commented: “Our partnership with Neil and Coda’s management team continues to be a truly great one. We are thrilled to see Coda Payments’ exceptional growth and continued success recognised by Smash, Insight and GIC with their investment into the company.” Udayan Goyal, Apis Partners Co-founder and Managing Partner, continued: “We are confident that the addition of Smash, Insight and GIC to the Coda family will lead to huge strides in the company’s growth and we look forward to sharing our sector-specific expertise as they start this new journey.”