Singapore-based Coda Payments said to near funding at $3.4 billion value

SINGAPORE (BLOOMBERG) - Singapore-based Coda Payments is nearing a deal to raise private funds at about US$2.5 billion (S$3.4 billion) valuation, according to people familiar with the matter.

The online payment processing company is poised to announce a fresh fund-raising deal to fuel growth plans as early as this week, the people said, asking not to be identified because the discussions are private. Investors including private equity firms Advent International and Primavera Capital are considering participating in the round, the people said.

Coda has been working with Goldman Sachs on a strategic review of options, including a potential sale of the business, an initial public offering and a private round, Bloomberg News reported in November. The company was seeking a valuation of at least US$4 billion, people familiar with the matter said at the time.

Considerations are ongoing and details such as the value and prospective investors could still change, the people said. Representatives for Coda, Advent and Primavera did not immediately respond to requests for comment.

Founded in 2011, Coda provides online payment solutions to digital content providers in more than 30 markets, according to its website. Its investors include London-based private equity firm Apis Partners and Japan's GMO Global Payment Fund.

Its customers include gaming giants such as Tencent Holdings, Krafton, Activision Blizzard and Riot Games.