Codat, an API-based platform for business data sharing, has secured $40 million in Series B funding following a tripling in annual growth and doubling of headcount
The Series B round is led by Tiger Global with existing investors Index Ventures and PayPal Ventures also participating.
Codat uses a single API to directly ‘plug in’ to the software used by small businesses - allowing banks, fintechs and other FS players to access everything from the company’s accounting software to payment terminals recording real-time transactions.
The technology cuts out the need for unwieldly Excel documents and PDFs sent via email, simplifying the process of sharing information. For banks and fintechs, the company says it helps them scale and speed up their offerings to millions of small businesses.
Codat’s client roster includes five of the world’s largest financial institutions, 12 technology unicorns, and many specialised SME providers. These include Brex, Clearco, Zettle by PayPal, FreeAgent, Pipe and Virgin Money.
Codat plans to use the fresh injection of funds to expand its US presence, add new data products for payroll and commerce to its API, and to increase its headcount.