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The fund will be used to add capabilities and geographies to Codapay and Codashop

Alternative payment gateway Coda Payments (Coda) today announced that it has closed a US$2 million financing round from IMJ Investment Partners and several undisclosed investors, including existing investors GMO Global Payment Fund, Toivo Annus, and Golden Gate Ventures.

The fresh capital will be used to add capabilities and geographies to its multichannel online payment gateway Codapay and its consumer-facing gift code distribution platform Codashop.

“IMJ Investment Partners has assembled an impressive portfolio of investments in Southeast Asia and we are delighted to welcome them to our investor group,” said Neil Davidson, CEO of Coda Payments, in a press statement.

In essence, Coda helps digital content providers including Baidu, Alibaba’s UCWeb, Kunlun, Garena, and dozens of other game developers to collect payments from customers in Indonesia, Malaysia, Philippines, Singapore, Thailand, and Vietnam.

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On a daily basis, Coda claims that its customers make more than 17,000 payments using Codapay via carrier billing, bank transfer, cash-payment at convenience store, voucher, and e-wallet payment channels.

“Coda has built something unique: an online payment gateway that allows merchants to accept payments from more than 500 million customers across Southeast Asia. Particularly notable is their carrier-billing coverage: Coda works directly with more than a dozen telcos in Southeast Asia, a position no other aggregator can match,” added Yasuhiro Seo, Partner at IMJ Investment Partners.

Founded in 2011, Coda has direct commercial and technical interfaces with leading telcos including Telkomsel, Indosat Ooredoo, XL Axiata, Hutchison Tri Indonesia, Singtel, M1, StarHub, Maxis, DiGi, Globe, and Smart.

It also works with convenience stores like 7-Eleven, voucher issuers like True Money, and e-wallet providers like Doku Wallet.

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