Private Markets Analyst, pvtIQ

Beier Luo

Private Markets Analyst

Private Markets Research and Data, Reimagined

pvtIQ

pvtIQ leverages Smartkarma’s technology and distribution to deliver high-quality research and data on Asian private markets.

Private Capital Markets

<ul><li><strong>On Track or Ahead of Expectations: </strong>The prior initiation report's core investment theses are tracking in line with or ahead of expectations, driven by the July 2026 rollout of out-of-app payment infrastructure and the ongoing integration of the Recharge acquisition. While the company's cost optimisation efforts and recent regulatory approvals validate its stabilising fundamentals, these initiatives must continue to offset the inherent margin constraints of global payment processing.</li><li><strong>Regulatory Breakthrough Unlocks Scale: </strong>Coda secured a Major Payment Institution licence from the Monetary Authority of Singapore in May 2026, authorising scalable cross-border money transfers and merchant acquisition. Concurrently, the firm accelerated the commercialisation of its web store infrastructure to capitalise on regulatory shifts in Europe and Japan, though it continues to navigate intense competition from established horizontal payment processors and gaming-specific rivals.</li><li><strong>SmartScores© Trend Positive, with Exit Readiness Stable:</strong> Coda's Fundamental and Alt-Data SmartScores© improved, while the Exit Indicator SmartScore© remained stable. The Fundamental SmartScore© strengthened on improved unit economics and the new Major Payment Institution licence; the Alt-Data SmartScore© ticked up on stronger employee sentiment despite softer customer and social engagement; and the Exit Indicator SmartScore© held steady, with better financial investor quality offset by the introduction of new assessment categories. Overall, the trend points to a business that is structurally de-risking and scaling more efficiently, even without any new capital raised in the period.</li></ul>

On Track or Ahead of Expectations: The prior initiation report's core investment theses are tracking in line with or ahead of expectations, driven by the July 2026 rollout of out-of-app payment infrastructure and the ongoing integration of the Recharge acquisition. While the company's cost optimisation efforts and recent regulatory approvals validate its stabilising fundamentals, these initiatives must continue to offset the inherent margin constraints of global payment processing.Regulatory Breakthrough Unlocks Scale: Coda secured a Major Payment Institution licence from the Monetary Authority of Singapore in May 2026, authorising scalable cross-border money transfers and merchant acquisition. Concurrently, the firm accelerated the commercialisation of its web store infrastructure to capitalise on regulatory shifts in Europe and Japan, though it continues to navigate intense competition from established horizontal payment processors and gaming-specific rivals.SmartScores© Trend Positive, with Exit Readiness Stable: Coda's Fundamental and Alt-Data SmartScores© improved, while the Exit Indicator SmartScore© remained stable. The Fundamental SmartScore© strengthened on improved unit economics and the new Major Payment Institution licence; the Alt-Data SmartScore© ticked up on stronger employee sentiment despite softer customer and social engagement; and the Exit Indicator SmartScore© held steady, with better financial investor quality offset by the introduction of new assessment categories. Overall, the trend points to a business that is structurally de-risking and scaling more efficiently, even without any new capital raised in the period.

Coda Payments: Continued Regulatory Wins Cements Global Expansion (Update)

🌏 Asian Private Markets Research and Insights 💡, pvtIQ

Ben Lim

🌏 Asian Private Markets Research and Insights 💡

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<strong>Strategic Global Consolidation</strong>: Coda has firmly established itself as a global leader in digital content monetisation through the strategic acquisition of the Dutch prepaid payments provider Recharge. This aggressive expansion unifies Coda's established B2B expertise in the gaming sector with Recharge's massive direct-to-consumer retail platforms, creating a formidable corporate entity that operates across more than 180 markets.</li>
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<strong>Transitioning Financial Baseline</strong>: Following a pandemic-induced revenue peak of US$310.1m in FY22, the company navigated a normalisation period to report a stable US$168.0m for FY24. Furthermore, management has demonstrated a highly disciplined approach to cost optimisation by actively narrowing operating losses, all while maintaining a robust cash position of nearly US$97m (FY24) to fund continued global integration efforts.</li>
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<p><strong>Regulatory Tailwinds and Future Growth</strong>: Sweeping global regulations like the Digital Markets Act in Europe and similar smartphone competition laws in Japan are rapidly dismantling traditional app store monopolies. As publishers aggressively seek out-of-app monetisation channels to bypass heavy platform fees, Coda is exceptionally well-positioned to serve as the primary merchant of record for the multi-trillion-dollar digital content economy.</p>
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Strategic Global Consolidation: Coda has firmly established itself as a global leader in digital content monetisation through the strategic acquisition of the Dutch prepaid payments provider Recharge. This aggressive expansion unifies Coda's established B2B expertise in the gaming sector with Recharge's massive direct-to-consumer retail platforms, creating a formidable corporate entity that operates across more than 180 markets.

Transitioning Financial Baseline: Following a pandemic-induced revenue peak of US$310.1m in FY22, the company navigated a normalisation period to report a stable US$168.0m for FY24. Furthermore, management has demonstrated a highly disciplined approach to cost optimisation by actively narrowing operating losses, all while maintaining a robust cash position of nearly US$97m (FY24) to fund continued global integration efforts.

Regulatory Tailwinds and Future Growth: Sweeping global regulations like the Digital Markets Act in Europe and similar smartphone competition laws in Japan are rapidly dismantling traditional app store monopolies. As publishers aggressively seek out-of-app monetisation channels to bypass heavy platform fees, Coda is exceptionally well-positioned to serve as the primary merchant of record for the multi-trillion-dollar digital content economy.









Coda: Global Scaling Via Acquisitions & Growth (Initiation)

Equity Analyst, LightStream Research

Shifara Samsudeen, FCMA, CGMA

Equity Analyst

Long-Short Analysis on Japan, Asia and the World

LightStream Research

LightStream conducts quantitatively rigorous and data-driven analysis with a focus on Japan and Asia.

We consistently cover the Tech, Consumer and Industrial sectors, and provide ECM and Events coverage more broadly.

We supplement traditional qualitative insights from company relationships with a robust quantitative foundation that examines as much historical data as is available.
We further refine the accuracy of our insights and calls through the use of alternative data to flesh out current trends, and through a valuation framework that emphasises non-superficial peer group selection and a proper attempt to understand the metrics and changes that have driven security valuations in the past.

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<li>Fintech adoption in ASEAN shows significant potential driven by increased smartphone adoption, internet penetration and a growing middle-class population.</li>
<li>More than 70% of population in the region is either unbanked/underbanked, creating a favourable landscape for FinTech enterprises to create solutions and establish market presence.</li>
<li>In this Original, we have deep dived into three key fintech players in the region including Coda Payments, Akulaku and GCash operating across some of largest markets in the region.</li>
</ul>


Fintech adoption in ASEAN shows significant potential driven by increased smartphone adoption, internet penetration and a growing middle-class population.
More than 70% of population in the region is either unbanked/underbanked, creating a favourable landscape for FinTech enterprises to create solutions and establish market presence.
In this Original, we have deep dived into three key fintech players in the region including Coda Payments, Akulaku and GCash operating across some of largest markets in the region.


ASEAN Fintech Unicorns: Serving the Unbanked and the Underbanked

Insurance & Central Asia-focused Analyst, KT Capital Group

Alec Tseung

Insurance & Central Asia-focused Analyst

KT Capital Group

Principal investments and advisory firm that focuses on connecting the CIS countries with East Asia.

Principal investments and advisory firm

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<li>Coda Payments provides solutions that help digital content publishers monetize their products and services.</li>
<li>The company is now in &gt;50 markets and was valued at $2.5bn based on its last capital raise in April 2022.</li>
<li>With its offerings, Coda Payments is well-poised to benefit from the strong future growth in the mobile gaming sector.</li>
</ul>


Coda Payments provides solutions that help digital content publishers monetize their products and services.
The company is now in &gt;50 markets and was valued at $2.5bn based on its last capital raise in April 2022.
With its offerings, Coda Payments is well-poised to benefit from the strong future growth in the mobile gaming sector.


Coda Payments: Payment Solutions for Mobile Gaming Publishers

Singapore

Coda Payments Pte Ltd develops a mobile payment application. The Company provides secure and cross-border monetization solutions for digital products and services. Coda Payments serves customers worldwide.

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Coda Payments (1434538D SP)

Coda Payments: Continued Regulatory Wins Cements Global Expansion (Update)

Theses review: The prior initiation report's core investment theses are tracking in line with or ahead of expectations, driven by the July 2026...

pvtIQ

Coda: Global Scaling Via Acquisitions & Growth (Initiation)

Strategic Global Consolidation: Coda has firmly established itself as a global leader in digital content monetisation through the strategic...

pvtIQ

ASEAN Fintech Unicorns: Serving the Unbanked and the Underbanked

Fintech in ASEAN has potential with over 70% of the population unbanked/underbanked. We have explored ASEAN Fintech landscape and three key...

Shifara Samsudeen, FCMA, CGMA

Coda Payments: Payment Solutions for Mobile Gaming Publishers

Coda Payments provides payment solutions for mobile gaming publishers and acts as their trusted go-to-market partner. It is expected to benefit...

Alec Tseung

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52-week Range

Market Cap (USDm)

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Coda Payments: Continued Regulatory Wins Cements Global Expansion (Update)

Theses review: The prior initiation report's core investment theses are tracking in line with or ahead of expectations, driven by the July 2026...

pvtIQ

Coda: Global Scaling Via Acquisitions & Growth (Initiation)

Strategic Global Consolidation: Coda has firmly established itself as a global leader in digital content monetisation through the strategic...

pvtIQ

ASEAN Fintech Unicorns: Serving the Unbanked and the Underbanked

​Fintech in ASEAN has potential with over 70% of the population unbanked/underbanked. We have explored ASEAN Fintech landscape and three key...

Shifara Samsudeen, FCMA, CGMA

Coda Payments: Payment Solutions for Mobile Gaming Publishers

Coda Payments provides payment solutions for mobile gaming publishers and acts as their trusted go-to-market partner. It is expected to benefit...

Alec Tseung

Fintech in ASEAN has potential with over 70% of the population unbanked/underbanked. We have explored ASEAN Fintech landscape and three key...