Coda’s acquisition of recharge marks transformative step in digital payments

The acquisition expands Coda’s footprint beyond gaming into the broader digital content economy, enhancing its direct-to-consumer capabilities and establishing a strong presence in Europe. Based on 2024 figures, the combined business will have processed over USD1.75 billion in sales, served more than 200 million customers, and operated across more than 180 markets.

Tom Jokelson A&O Shearman partner, commented: “This transaction is emblematic of the accelerating convergence between digital content and payments, a trend we are seeing across global markets. The acquisition of Recharge by Coda not only signals the growing appetite for cross-border expansion among digital platforms but also highlights the increasing importance of scale and diversification in the digital economy.

As Coda’s first major M&A initiative, the company leaned heavily on the multijurisdictional expertise of our team to navigate European market norms and strike the right balance between legal and commercial considerations. By combining Coda’s established presence in Asia with Recharge’s leadership in Europe, the deal creates a truly global player with enhanced capabilities to serve both content creators and consumers. For the sector, this move underscores the value of integrated, direct-to-consumer solutions and reflects the broader shift towards seamless digital monetization.”

The transaction was led by Singapore partner Tom Jokelson, and Amsterdam partner Justin Steer supported by a core team including Felicia Tan, James Travers, Louisa Carton, and Jort de Groodt, Nina Dirkse, and Niki van Douwe. The core team was further supported by partner Matthew Del Rosso, senior associate Paul Duncan, and associate Xuan Ting Chin. The broader multidisciplinary team spanned offices in Singapore, Amsterdam, San Francisco, and Silicon Valley, and included specialists in notarial services, due diligence, tax, antitrust, regulatory, and financing demonstrating A&O Shearman’s global reach and deep bench of sector expertise.