GMO Global Payment Fund, a subsidiary of internet company GMO, has taken part in a $2m series A-2 round for Singapore-based online payment startup Coda Payments, Tech in Asia reported today.
The round also featured Golden Gate Ventures, the venture capital firm backed by corporates Hanwha Life Insurance, Naver and Hubert Burda Media, as well as VC firm IMJ Investment Partners and Toivo Annus, the co-founder of Skype.
Coda has built an online system that enables e-commerce companies to collect payment from customers in Indonesia, Malaysia, Philippines, Singapore, Thailand and Vietnam who do not have access to credit cards.
Customers can use Coda to pay for items online using bank transfers, vouchers, e-wallets, cash payments made at convenience stores or, through partnerships with local telecom companies, by simply deducting cash from their prepaid mobile credit. It is responsible for about 17,000 transactions each day.
The company will use the funding to expand into additional markets, and to expand its Codashop service, which allows users to buy credit for online gaming platforms like Steam.
Coda has now raised $5.2m since it was founded, $900,000 of which came in a 2012 seed round featuring GMO subsidiary GMO VenturePartners and Golden Gate.
GMO Global Payment Fund, Golden Gate, Toivo Annus, Rakuten Ventures, the strategic investment subsidiary of e-commerce firm Rakuten, and CyberAgent Ventures, the corporate venturing arm of internet company CyberAgent, contributed to a $2.3m series A round the following year.