Codat, which supports seamless sharing of business and financial data, has bagged $40m in funding, following it reaching a three-times annual growth rate and doubling its headcount.
In addition to the investment, the company has extended its APIs to include payroll and commerce data.
Tiger Global acted as the lead investor, with commitments also coming from Index Ventures and PayPal Ventures.
With the investment capital, Codat hopes to grow its presence in the US. The RegTech company opened an office in New York in January 2021 to support this growth. Codat is also planning to deepen the size of its San Francisco team.
In addition to geographical growth, the company plans to hire more staff, build new API products and onboard new customers.
The company offers a suite of APIs to help organisations, which includes financial institutions, tech unicorns and more, to connect software packages of SMEs. Its API enables clients to access products from small businesses, including loan applications, accounting, expense management and insurance products to e-commerce and point-of-sale platforms.
Its services are used for data collection, KYC, fraud prevention, forecasting, risk reduction and more.
Codat CEO Peter Lord said, “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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