Coda Payments Expands Despite Dip in Mobile Game Spending
Coda Payments, a global payment processing company, has seen a dip in growth due to a 5% decrease in mobile game consumer spending in 2022. Despite this, the company has expanded its services and launched Custom Commerce, a web store system for businesses and creators.
Coda, operating in over 60 markets worldwide, has been processing millions of transactions for major gaming publishers such as Activision Blizzard, Garena, and Tencent Holdings. The company charges up to half the commission of Apple and Google for content released through their app stores, making it an attractive alternative.
Coda's expansion comes amidst increased regulatory scrutiny of Apple and Google's app stores. The company, backed by Singapore's GIC, is now extending its services to digital content creators beyond just game publishers. Custom Commerce allows these creators to sell directly to consumers, gaining insights into audience behavior and controlling website design, pricing, and content promotion.
Coda reported USD 310 million in revenue for fiscal 2022, a marginal increase from the previous year. Despite the slowdown in mobile game spending, the company's expansion into new markets and services signals growth potential. Coda's CEO Shane Happach has stated that the company has no immediate plans for a public listing.
