Coda Payments

Invested November 2019. Partial exit April 2022


Coda Payments helps digital content providers monetise their products and services in more than twenty emerging markets. Publishers of leading games like PUBG Mobile, Call of Duty: Mobile, and Mobile Legends: Bang Bang; streaming platforms like beIN and Bigo Live; and video-on-demand platforms like Viu have integrated with Coda to accept payments.

They do so on their own websites using Codapay, allowing their users to pay at a wide network of alternative payment channels, including using direct carrier billing with dozens of telcos.
At Codashop, which more than 11 million users visit every month to top up their favourite games and content services; and at Coda’s e-commerce (Lazada, Shopee), telco (Digi, XL), and super app (Gojek) distribution partners who leverage Coda’s xShop solution to offer their users a wide range of premium digital content.

Coda helps its clients collect payments in more than twenty emerging markets.




South East Asia




Digital Content


Apis Growth Fund II

What motivated the launch of Coda?

In 2011, Coda’s co-founders observed that the size and spending power of the global middle class was growing much more quickly than payment card penetration, making it difficult for customers who were accessing the internet on smartphones for the very first time to pay for games and other premium digital content.

They started Coda to make it easier for publishers to collect payments using a wide range of alternative payment methods that are accessible to everyone, even those without a traditional payment card.

Where do you see the company in 5 years?

Coda’s ambition is to make world-class digital entertainment accessible by anyone in the world. In five years, we aim to be the preferred partner of the world’s largest content publishers as they navigate the complexities of monetisation in emerging markets.

What is it like to work with Apis?

The Apis team bring to bear formidable knowledge of the payments industry, with a particular emphasis on how payments function in emerging markets, as they make suggestions for how we can grow our business. The team is also well connected in the industry and are routinely able to open doors to partnership opportunities globally.

“Apis’s deep domain expertise and extensive connectivity in emerging markets have been invaluable during a period of rapid growth for the company, while Nic has become a trusted advisor and thought partner to me and the rest of Coda’s leadership team.”

— Neil Davidson, Executive Chairman