Codat raises $40m in Series B funding round
UK-based financial data fintech Codat has secured $40 million in its Series B funding round.
Codat completed its Series A round last year
The round was led by US investment firm Tiger Global, whose other investments include Stripe, Brex and Checkout.com.
There was also participation from existing investors Index Ventures, who led the company’s $10 million Series A round last year, and PayPal Ventures, who invested in the company as recently as March.
Founded in 2017, Codat enables small businesses to share financial data with financial and other service providers.
The company’s API can be leveraged for loan applications, accounting, expense management and insurance products.
Its client list includes Brex, Virgin Money and Zettle, a PayPal subsidiary which uses Codat’s technology to transfer point of sale transaction data into their merchants’ accounting software.
The firm also announced the expansion of its API to include payroll and commerce data.
Codat CEO Peter Lord says that small businesses are changing “more and more quickly” and this latest investment will help “accelerate the industry transformation”.
Codat says it plans to use the funds to expand its US presence following the launch of its New York office in January this year.
It also plans to add new data products to its API and accelerate hiring as it looks to continue its growth.
