Singapore-based Coda Payments, the operator of Codashop and Codapay, narrowed its annual loss in 2024 even as revenue edged lower, according to filings with Singapore’s Accounting and Corporate Regulatory Authority (ACRA) seen by DealStreetAsia.
Segno Pte Ltd, the holding company of Coda, reported a net loss of US$11.8 million for the year ended December 31, 2024, compared with US$17.95 million in 2023.
The 34% improvement was driven by reduced legal, professional, and marketing expenses.
Group revenue slipped to US$167.8 million, down slightly from US$169.3 million a year earlier.
Digital content monetisation brought in US$105.2 million, an 8.7% decline, while voucher code sales grew 16.4% to US$63.8 million. Gross profit fell 9.5% to US$43.4 million.
The cost base shifted significantly. Legal and professional fees dropped to US$5.4 million from US$10.4 million, and marketing spend fell to US$4.0 million from US$6.3 million.
Employee costs were stable at US$36.8 million, while depreciation and amortisation rose to US$2.9 million from US$1.7 million, reflecting higher technology investment.
Other income stayed at US$5.3 million, while net other losses narrowed sharply to US$0.75 million from US$4.7 million.
Cash burn increased, with net operating outflows of US$9.4 million, up from US$3.9 million in 2023.
Investing outflows climbed to US$4.4 million, and financing outflows widened to US$0.6 million.
Cash and equivalents stood at US$96.8 million at end-2024, down from US$112.4 million.
Total assets fell to US$164.4 million, while liabilities dropped to US$109.4 million, leaving net assets of US$55.1 million.
Founded in Indonesia in 2011, Coda enables digital publishers, particularly in gaming, to monetise content in markets with limited credit card use.
The company works with over 300 publishers and counts GIC, Apis Partners, Insight Partners and GMO Venture Partners as shareholders.
In August 2025, Coda closed its acquisition of Netherlands-based Recharge, one of Europe’s largest prepaid payments platforms.
The merged entity served more than 200 million users across 180 markets last year and processed US$1.75 billion in sales, with expectations to surpass that figure in 2025.
Featured image: Edited by Fintech News Singapore, based on image by Evgenymedia via Freepik
