Coda Payments, one such company that helps simplify the complexity of alternative payments in the region, has raised $2 million in new funding. Existing investors GMO Global Payment Fund, Skype co-founder Toivo Annus and Golden Gate Ventures provided the capital, which takes it past $5 million raised to date.
Relying on credit cards doesn’t work in Southeast Asia, where less than 10 percent of the 600 million population are estimated to own plastic. That makes alternative payments, like bank transfer or over-the-counter, critical for anyone doing business in the region, where online spending is tipped to race to $200 million in the next 10 years. The Singapore-based startup last raised a $2.3 million Series A back in December 2013, and it isn’t calling this round its Series B. Neil Davidson, co-founder and CEO of the company, said that it simply raised a sum deemed necessary for progress and then will go from there.