“Can a single merchant-of-record own the entire out-of-app commerce stack — payments, storefront, tax, and compliance — for global mobile gaming publishers in emerging markets?”
Coda began in 2011 as an alternative-payments aggregator helping Western digital publishers monetize in Southeast Asia where card penetration is under 10%. The pivotal product evolution was Codashop (2019+), a D2C web-store network for top-up of in-game currencies, which transformed Coda from a B2B PSP into a global merchant-of-record (MoR) for mobile gaming. The 2022 Series C and 2024 European storefront expansion (Recharge.com, Startselect, Guthaben.de) further moved Coda toward owning the full out-of-app commerce stack — payments + storefront + tax + risk — for publishers like Activision, Riot, and EA.
Coda Payments processes payments through Codapay (self-operated), Codashop (self-operated MoR), Adyen, PayPay, Direct carrier billing (Telkomsel, Indosat, XL, AIS, DTAC, TrueMove H, MPT, Telenor, Ooredoo), E-wallets (GoPay, OVO, DANA, LinkAja, TrueMoney, Paytm, FreeCharge, bKash, Wave Money), Bank/ATM transfer + UPI and Cash-at-store (Alfamart, Indomaret, 7-Eleven, Family Mart).
Coda Payments connects to bank accounts through Tink (via Recharge / Pay by Bank in Germany).
Coda Payments uses Codapay Payout API (self-operated) for FX and cross-border payouts.
The Embedded Finance Index 2026 maps 3 layers in Coda Payments's stack: Payments / PSP (Codapay (self-operated), Codashop (self-operated MoR), Adyen, PayPay and 4 others); Open banking (Tink (via Recharge / Pay by Bank in Germany)); FX & payouts (Codapay Payout API (self-operated)).
Coda Payments was founded by Neil Davidson and is founded in 2011, headquartered in Singapore.
Coda Payments has raised undisclosed (post-Series C, 2022) in total (latest round: Series C, April 2022; valuation: undisclosed).
Get a read on where your own stack stands against Coda Payments and the rest of its category — what they built versus bought, which providers they use, and where the gaps in your own strategy and competitive set actually are.