UK Tech Codat Secures $40 million In Series B Funding

Fazzaco learned that financial API provider Codat has raised $40 million in a Series B funding round, led by Tiger Global, whose other investments include Stripe, Brex, and Checkout.com, ​with participation from Index Ventures and PayPal Ventures.

According to the official announcement, the tech company will use the investment to expand its US presence, add new data products to its API, accelerate hiring, and onboard new customers.

As part of its growth strategy, the company will also expand its San Francisco office as more startups building the next generation of products and services for small businesses, choose to run on Codat.

Founded in 2017, Codat tripled revenues and doubed headcount over the years. It’s API powers services of five of the world’s largest financial institutions, 12 technology unicorns, and many specialised SME providers. 

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. As Codat is the platform on which more and more of this revolution is built, this investment accelerates the industry transformation.”