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.
Every day we send out a free e-mail with the most important headlines of the last 24 hours.
Subscribe now
We welcome comments that add value to the discussion. We attempt to block comments that use offensive language or appear to be spam, and our editors frequently review the comments to ensure they are appropriate. If you see a comment that you believe is inappropriate to the discussion, you can bring it to our attention by using the report abuse links. As the comments are written and submitted by visitors of the The Paypers website, they in no way represent the opinion of The Paypers.