Coda Payments, which enables mobile subscribers to pay for digital goods using their prepaid and postpaid accounts, has raised $2.3 million in Series A financing from three Japanese investors.
The three companies are GMO Global Payment Fund, a fund established by Japan’s largest payment processor; Rakuten, which claims to be the country’s leading e-commerce site; and CyberAgent Ventures, the VC arm of a digital advertising agency and mobile games publisher.
Coda’s service is currently offered by two mobile operators in Indonesia, Axis and Esia, and it will use the funds to further expand its footprint in southeast Asia.
In addition, existing investors Golden Gate Ventures and Toivo Annus both participated in the round.
“We are delighted to have three of Japan’s most prominent technology firms in Coda’s investor group. GMO’s expertise in payments, Rakuten’s in e-commerce and CyberAgent’s in gaming, in addition to the fact that all three are actively investing across Southeast Asia, ideally position them to help accelerate Coda’s growth,” said Neil Davidson (pictured), Coda’s CEO.
Coda’s two co-founders – Davidson and Paul Leishman – both formerly worked for the GSMA.