Digital content monetisation platform Coda Payments has revaled that it has raised $690 million in funding, with new investors also acquiring minority stakes in the company.
Smash Capital, Insight Partners, and Singapore’s sovereign-wealth fund GIC cumulatively invested the $690 million to partner with Coda Payments, meanwhile, Apis Growth Fund II and the company’s other existing shareholders are to retain equity positions.
Developers use Coda’s platform to reduce monetisation costs and reach additional paying audiences. Additionally, Codashop, its payments infrastructure, offers users the choice between a wide range of payment options.
"A significant milestone"
"This investment marks a significant milestone for Coda as we seek to offer content publishers and consumers more monetisation options," said Coda co-founder and executive chairman Neil Davidson (via Talk CMO).
In an interview with GamesBeat, he added: "We wanted to bring on board some new investors with expertise to help support the company in its next phase of growth."
Miniclip partnered with Coda Payments to expand its global sales of 8 Ball Pool last November, with players of 8 Ball Pool able to purchase in-game currencies and items via Codashop.
Smash Capital founding partner Evan Richter commented on the investment: "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."
"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," said Insight Partners managing director AJ Malhotra.
The Saudi Arabian mobile games outfit Spoilz Games has revealed the raising of 2.6 million riyals (approximately $693,000) in pre-Seed funding.