(Bloomberg) — Singaporean firm Coda Payments Pte is nearing a deal to raise funds at about a $2.5 billion valuation, according to people familiar with the matter.
The online payment processing company is poised to announce a fresh fundraising deal to fuel growth plans as early as this week, the people said, asking not to be identified because the discussions are private. The round was led by venture capital firm Insight Partners, while Singaporean sovereign wealth fund GIC Pte is among those who also invested, the people said.
Coda has been working with Goldman Sachs Group Inc. on a strategic review of options including a potential sale of the business, an initial public offering and a private round, Bloomberg News reported in November. The company was seeking a valuation of at least $4 billion, people familiar with the matter said at the time.
Advent International and Primavera Capital had also considered participating in the round, the people said.
Considerations are ongoing and details such as the value and prospective investors could still change, the people said. Representatives for Coda, Insight, GIC and Primavera didn’t immediately respond to requests for comment, while a representative for Advent declined to comment.
Founded in 2011, Coda provides online payment solutions to digital content providers in more than 30 markets, according to its website. Its investors include London-based private equity firm Apis Partners and Japan’s GMO Global Payment Fund. Its customers include gaming giants inclduing Tencent Holdings Ltd., Krafton Inc., Activision Blizzard Inc. and Riot Games Inc.
(Updates with investor names in the second paragraph.)
More stories like this are available on bloomberg.com
©2022 Bloomberg L.P.
