Canapi Ventures, Shopify and PayPal all participated in the round, while Plaid has been publicly named as an investor for the first time.

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 firm now has over 200 clients, including many of the world's largest banks as well as fintechs such as Brex, Jeeves, Pipe and Clover, and a team of 250 people across the UK, North America and Australia.

The new money will be used to build out Codat's critical infrastructure to be the "default means of sharing data for the small business economy".

Pete Lord, CEO, Codat, says: ""Today, we're in the age of 'dial-up' when it comes to business data. Despite radical advancements in other areas of technology, in 2022 the majority of small business systems still don't speak to each other, creating hours of painful admin and serious barriers to growth.

"No one will be speaking about SMB financial software integrations in 5-10 years - automated data flows over the Codat platform will be a presumed standard."

Patrick McGoldrick, partner at JP Morgan Growth Equity Partners, who joins the Codat board, says: "JPMorgan Chase has an extensive small business customer base so we understand the power of connecting and standardizing data - whether it is used for onboarding new customers or offering insights on business performance.

"This unique global perspective and Codat's impressive management team deepened our conviction."