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CODA Payments Raised $690 Million And Continues To Grow Larger

While $690 million funding is quite impressive, Coda Payments will not receive any money as existing shareholders are selling their shares to new investors.

CODA Payments Raised $690 Million And Continues To Grow Larger

CODA payments raised $690 million in funding from venture capitalists Insight Partners, Smash Capital, and GIC to go ahead and enable cross-border games payments, as well as other digital goods and products, along with alternative stores for apps. 

While the amount of funding is quite impressive, the company will not receive any money because longtime existing shareholders are selling their existing shares to new investors. The valuation of the company was $2.5 billion, according to Bloomberg. Even though this is a recapitalisation that is too secondary, it goes to show that the investors have full faith in CODA Payments as it continues to grow larger. 

Neil Davidson, who is the co-founder of CODA Payments and also the executive chairman, in an interview, revealed that CODA wanted to bring in new investors so that their expertise could help to support the company in the next growth phase. He also added that the company has had a very interesting journey so far and had also achieved high profitability in the nascent stages, as a result of which, the company has seen fresh investors coming in of their own account without CODA having to announce funding rounds after 18 months. 

Codashop terms itself as a very trusted avenue of in-game currencies, as well as other content that is billed “premium” for its millions of customers in over 50 worldwide territories. Also, the company says that it happens to be the only independent marketplace for content that has enjoyed a global footprint. 

All the existing shareholders of CODA are still in possession of equity in the rapidly growing company.

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