Neil Davidson and Paul Leishman founded Coda Payments in 2011. At the time, buying digital goods online in much of Asia needed a credit card, and most players did not have one.
Coda built a patchwork of local payment methods. Each country meant a new set of partners and regulators. Game publishers could plug in one integration and reach players across many markets.
The company raised a Series A in December 2013. In August 2016 it raised about $2 million, around the time its Codapay product added bitcoin payment processing in Southeast Asia. Apis Partners invested in 2022.
In February 2023 Shane Happach became CEO and Davidson moved to Executive Chairman. In 2025 Coda acquired Recharge, a European prepaid platform. It now works with more than 300 publishers.