Codat,听a听platform for business data,听has secured听拢29听million听investment.听
The London-based firm, which has trebled its annual growth and doubled its headcount, has also听announced the expansion of its APIs to include payroll and commerce data.听听
The Series B round听was听led by Tiger Global, whose other investments include Stripe, Brex and Checkout.com, with existing investors Index Ventures and PayPal Ventures also participating.听听
Codat plans to use the funds to expand its US presence following the launch of the New York office in January this year.听It听will听expand its San Francisco office.听
Codat鈥檚 API powers services of five of the world鈥檚 largest financial institutions, 12 technology unicorns, and many specialised SME providers. These include Brex,听Clearco, Zettle by PayPal,听FreeAgent, Pipe and Virgin Money.听听
Clients leverage the Codat API for a wide range of small business products, from loan applications, accounting, expense management and insurance products to eCommerce and point-of-sale platforms.听
鈥淭he number of SMB-focused software products will continue to proliferate, and we expect many of these products to be powered by Codat in the听future,鈥溙齭aid John Curtius, Partner at Tiger Global.听听
鈥淐odat鈥檚 customers consistently told us that Codat鈥檚 value proposition is incredibly compelling 鈥� a faster and better solution at a fraction of the cost as compared to a do-it-yourself approach.鈥�听
Peter Lord, CEO of Codat,听commented: 鈥淔inancial services for SMBs are now changing more and more quickly, and we鈥檙e privileged to work with the people and companies who are driving this change to make life better for small businesses.听听
鈥淎s Codat is the platform on which more and more of this revolution is built, this investment accelerates the industry transformation.鈥�