Codat plans to use the funds to expand its US presence following the launch of the New York office in January this year
Codat, a platform for business data, has secured £29 million investment. It has also announced the expansion of its APIs to include payroll and commerce data. The London-based firm has trebled its annual growth and doubled its headcount.
The Series B round was led by Tiger Global with existing investors Index Ventures and PayPal Ventures also participating. Tiger Global’s other investments include Stripe, Brex and Checkout.com.
Codat plans to use the funds to expand its US presence following the launch of the New York office in January this year. It will expand its San Francisco office.
Codat’s API powers services of 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.
Clients leverage the Codat API for a wide range of small business products, which include loan applications, accounting, expense management, insurance products, eCommerce and point-of-sale platforms.
The number of SMB-focused software products will continue to proliferate, and we expect many of these products to be powered by Codat in the future, said John Curtius, Partner at Tiger Global. Codat’s customers consistently told us that Codat’s value proposition is incredibly compelling – a faster and better solution at a fraction of the cost as compared to a do-it-yourself approach.
Peter Lord, CEO of Codat, commented: Financial services for SMBs are now changing more and more quickly, and we’re privileged to work with the people and companies who are driving this change to make life better for small businesses.
He said: As Codat is the platform on which more and more of this revolution is built, this investment accelerates the industry transformation.