Singapore’s Coda Payments Seeks $4 Billion Value in Sale

(Bloomberg) -- Singapore-based Coda Payments Pte is weighing options including a sale or an initial public offering, according to people with knowledge of the matter.

Goldman Sachs Group Inc. is advising the online payment processing company on the strategic review, said the people, who asked not to be identified as the process is private. Coda Payments is seeking a valuation of at least $4 billion, two of the people said.

Another option under consideration includes raising funds by bringing in minority investors, the people said. Deliberations are at an early stage and there’s no certainty a transaction will be concluded, the people said. 

A representative for Goldman Sachs declined to comment, while Coda Payments said in an email that it’s regularly approached by investors, but it has no details to disclose at this time.

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. It counts digital entertainment companies such as Tencent Holdings Ltd., Krafton Inc., Activision Blizzard Inc. and Riot Games Inc. among its customers.

Apis Partners didn’t respond to requests for comment. A spokeswoman for GMO declined to comment.

The financial-technology industry has been one of the busiest sectors for deals in recent months, as the coronavirus pandemic boosted demand for online payment services. Prosus NV agreed to acquire India’s BillDesk for $4.7 billion in August, while Square Inc., the digital-payments platform led by Twitter Inc. founder Jack Dorsey, agreed in the same month to buy Australian buy-now, pay-later company Afterpay Ltd. for $29 billion.

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