Insight Partners, GIC, Smash Capital buy Coda Payments stake for $690m as Apis, co-founder pare holding

Source: Coda Payments.

Editor’s note: This story was updated on April 15 after Coda Payments issued a statement announcing the stake acquisition. 

Singapore-based Coda Payments on Friday announced that venture capital firm Insight Partners, New York-based Smash Capital and Singapore sovereign wealth fund GIC Pte have invested $690 million to acquire a minority stake in the firm.

The investment comprises a mix of primary and secondary transactions, DealStreetAsia had reported on Thursday, citing regulatory filings.

The new investors bought shares in the Singapore company from private equity firm Apis Partners, VC firm Golden Gate Ventures, and Coda co-founder Paul Leishman, according to filings with Singapore’s Accounting and Corporate Regulatory Authority (ACRA).

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