Apis Partners’ Funds lead Coda’s Acquisition of Recharge, Creating a Global Payments Leader

London, 17th July – Funds managed by Apis Partners Group (UK) Limited (“Apis”), a global private equity firm investing at the intersection of financial services and technology, have led the acquisition of European prepaid payments leader Recharge by Coda, Asia-Pacific’s leading specialist in digital content monetisation. This landmark transaction brings together two regional champions to create a unified, global payments orchestration and distribution platform, spanning both developed and emerging markets. The combined Company will simplify and accelerate digital content monetisation worldwide, delivering a clear premise for global brands and publishers: One Platform, One Integration, Instant Global Reach.  

Apis Growth Fund II, an existing investor in Coda, led the Company’s latest funding round for the acquisition, alongside existing shareholders including Insight Partners and Smash Capital, while Apis Global Growth Fund III invested directly into Netherlands-based Recharge. 

Through simultaneous investments across Europe and Asia-Pacific, Apis has played a catalytic role in creating a next-generation, cross-regional payments platform. This marks the firm’s 15th investment in the financial infrastructure and payments space and reflects Apis’ track record of leading complex M&A to scale category-defining companies in partnership with high-calibre management teams. 

Today, brands and publishers continue to face fragmented payments offerings, regional complexity and operational friction in reaching users and converting demand. By bringing together two regional leaders with deep local expertise and shared global growth ambitions, the combined Company will help clients simplify and shorten the path from intent to transaction, turning local demand into global revenues. The result is a global payments platform, serving over 200 million users across 180+ markets, spanning gift cards, lifestyle, digital content, video gaming and more.  

Apis has been a longstanding supporter of Coda, and played an instrumental role in facilitating the transaction, recognising the strong strategic fit between the two companies. With global coverage and deep regional insight, Apis was well-positioned to draw on experienced teams across Europe and Asia to shape and execute the transaction and looks forward to continuing to support the Company through its next phase of growth. 

Aligned with Apis’ mission to deliver both strong financial returns and meaningful societal impact, this investment underscores Apis’ longstanding commitment to financial inclusion globally. By enabling seamless and secure mobile transactions for those without access to traditional banking infrastructure, the combined Company, as a payments leader across Europe and APAC, will broaden access to digital services globally. In addition, its fully paperless systems, with assets delivered by QR codes, SMS, email or app, also reduce environmental impact, decreasing waste and enhancing speed, scale and convenience.  

Matteo Stefanel, Co-Founder and Managing Partner at Apis Partners: “Apis is proud to have supported Coda’s impressive journey to date, and excited to be a part of the global expansion this transaction brings. Our deep familiarity with Coda and strong conviction in Recharge made this transaction a natural fit. By pairing Coda’s strong operating track record with Recharge’s complementary capabilities, the Company is well positioned to expand into new geographies, broaden its product reach and deliver even greater value to the millions of customers it serves worldwide.” 

Udayan Goyal, Co-Founder and Managing Partner at Apis Partners: “This combination brings together two market leaders to create a global powerhouse in digital content distribution. By uniting Coda’s deep publisher relationships with Recharge’s robust distribution, the combined company unlocks exceptional growth and cross-sell opportunities. We’re excited to back this transformational platform and accelerate its next phase of scale and value creation.” 

Shane Happach, Coda CEO: “Apis has backed our vision from the start, not just as an investor, but as a strategic partner who’s helped us navigate and shape this deal. Their role as lead investor in the Recharge acquisition reflects deep alignment on where we’re headed. With their support, we’re now in a strong position to execute with discipline and build lasting value, at scale.” 

The deal is expected to close on Q3 2025, subject to customary regulatory approvals and closing conditions. Apis was advised by Perella Weinberg Partners. 

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About Apis Partners 

The Apis Group (“Apis”) is an ESGI-native private equity firm that supports growth-stage financial services and technology businesses globally by providing them with catalytic growth equity capital. Collectively Apis, through its team of 40+ professionals with deep industry expertise, manages or advises on total AUM of c.US$2.1 billion.  

Apis was recently ranked #2 globally for growth capital private equity performance by HEC Dow Jones; among the ranked firms, Apis held the highest position among those with a focus on financial services and technology. 

Headquartered in London, Apis has representation in six countries globally. Apis is highly conscious of the impact that the provision of growth capital for financial services and technology businesses in global markets can achieve, and as such, financial inclusion and financial wellness are core tenets of Apis’ impact investment approach. 

https://apis.pe/ 

About Coda 

Coda is a global leader in digital content monetization. We’re trusted by 300+ publishers—including Activision, Electronic Arts, and Riot Games—to grow their audiences and revenue worldwide. Our out-of-app solutions include Custom Commerce, a fully customizable web store; Codapay, which enables seamless direct payments through a single API integration on publishers’ websites; Codashop, the go-to marketplace for millions of gamers to purchase in-game content; and Distribution, which extends content reach through a network of trusted commerce partners. Founded in 2011, Coda is headquartered in Singapore with a team of 400+ Codans around the globe. Coda is backed by Apis Partners, Insight Partners, and Smash Capital, and has been named an APAC High Growth Company (2023) by Financial Times, one of Granite Asia’s NextGenTech 30 (2024), a payments leader on Fortune’s Fintech Innovation Asia list (2024), and listed among The Straits Times Fastest Growing Fintechs (2024). 

For more on Coda, visit coda.co. 

About Recharge Group 

Recharge is European Leader in digital prepaid payments, seamlessly connecting global brands with their customers through innovative platform solutions. With multi-country digital storefronts like Recharge.com and Startselect.com, Recharge enables users to access prepaid payment products anytime, anywhere. The company also powers B2B digital rewards and incentives, helping businesses acquire, engage, and retain customers. Trusted by industry leaders such as Apple, Google, Vodafone and PlayStation, the Amsterdam-headquartered company has been driving convenience and innovation in the prepaid ecosystem since 2010, partnering with over 1,000 brands and service providers worldwide. 

Learn more about Recharge Group at company.recharge.com.