Codat, a London, UK-based technology company that connects the internal systems of small businesses to banks, fintechs and other financial institutions, allowing business data to flow back and forth in real time – raised $10m in funding.
Backers included Index Ventures. In conjunction with the funding, Index partner Jan Hammer and venture partner Stephane Kurgan joined the board.
The company intends to use the new funds to expand to the US and grow to 100 people by the end of the year.
Founded in 2017 by Peter Lord (CEO), Alex Cardona (COO) and David Hoare (CTO), Codat is a technology company that lets banks and fintechs plug into their small businesses and the software they use giving them access to real time customer data. It uses a single API to directly ‘plug in’ to the software used by small businesses – allowing financial organisations to access everything from the company’s accounting software to payment terminals recording real-time transactions.
The company has over 50 clients globally, across various different industries from traditional lenders to invoice financing, insurance to cashflow forecasting.
Codat will open an office in the US, and will be expanding its connectivity to a wider variety of data sources.