Codat raises $40M in a Series B round led by Tiger Global

SaaS News -Codat raises $40M from Tiger(source: SaaS Industry)
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Codat gets $40 million in a Series B financing round led by Tiger Global. Codat intends to utilize the cash to expand in the United States, provide more data products to its API, recruit faster, and onboard more clients. Codat’s goal is to assist small businesses by allowing suppliers to interact with all software packages that SMEs use using a single standardized API. 

Codat raises $40 million in a Series B funding round led by Tiger Global. Codat is an API platform that provides connectivity to small businesses’ financial software in real-time. Other participants in the round include PayPal Ventures Index Ventures.

Following the opening of its New York office in January this year, Codat aims to utilize the cash to grow its US presence, offer new data products to its API, speed up hiring, and onboard new clients. As more companies creating the next generation of products and services for small businesses opt to operate on Codat, the firm will expand its San Francisco headquarters as part of its growth plan.

Codat’s aim is to help small companies by allowing suppliers to interact with all of the software packages used by SMEs using a single standardized API. They may rapidly integrate their products with all of their business customers’ other apps via this API, resulting in a better, more connected experience. A typical small firm currently uses over 40 different applications on average.

“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.”

Peter Lord, CEO of Codat, said in a press release,

Five of the world’s top financial institutions, 12 technological startups, and a slew of specialized SME providers use Codat’s API. Brex, Clearco, Zettle by PayPal, FreeAgent, Pipe, and Virgin Money are among them. Clients use the Codat API for a variety of small company products, including loan applications, accounting, cost management, and insurance, as well as eCommerce and point-of-sale (POS) systems.

“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. 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.”

John Curtius, Partner at Tiger Global, said
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