Codat, a UK-based API platform that provides financial data sharing and related solutions to small businesses, has closed a USD 40 million round led by Tiger Global.
In 2020, the company raised USD 10 million in a Series A; Codat also raised some strategic capital in the interim, but declined in an interview to provide more detail, according to TechCrunch. The startup told the online publication that it grew its annual recurring revenue (ARR) by 3x from the end of 2019 to the end of 2020.
The startup’s API connects corporate data from internal SMB systems to external providers. Thus, if a small business wants to apply for a loan, Codat facilitates data linkage between a potential lender with the SME’s financial data. Furthermore, the startup sells to financial service players and vertical SaaS companies.
Also, Codat has been busy hiring. From around 50 employees at the time of its Series A, the startup is now quickly approaching the 150-employee mark. The company CEO said that the company is hoping to end 2021 with around 250 staff.
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