Coda Payments
“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.