Codat secures $40 million in Series B led by Tiger Global
By Megha Bhattacharya
Codat, the technology company that enables small businesses to share business and financial data with financial and other service providers, has secured $40 million from investors, following 3x annual growth and doubling of headcount. It has also announced the expansion of its APIs to include payroll and commerce data, broadening the data sets that flow through Codat. The Series B round is led by Tiger Global, whose other investments include Stripe, Brex and Checkout.com, with existing investors Index Ventures and PayPal Ventures also participating.
“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.”
Codat plans to use the funds to expand its US presence following the launch of the New York office in January this year, 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.
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.”
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