Codat secures investment from Amex and PayPal
Codat has landed an undisclosed venture round from American Express and PayPal as it launches US operations.
Founded in 2017, London-based Codat says its tools connect small businesses to financial institutions and handle “the heavy lifting of integrations”.
Codat customers include lenders, insurers, providers working in payments, point of sale software, and debt collection.
Its client list includes Zettle, a PayPal subsidiary which uses Codat’s technology to transfer point of sale transaction data into their merchants’ accounting software.
“We’re excited to welcome American Express Ventures and PayPal Ventures as investors,” says Codat founder and CEO, Peter Lord.
“It’s clear that small businesses are the backbone of global economies […] there will be a dramatic acceleration in the quality of financial products they are offered.”
“We believe it starts with an industry-wide shift from siloed data to a more connected ecosystem. Our new investors further fuel our ambition to improve operations for SMEs everywhere.”
Peter Sanborn, a partner at PayPal Ventures, says the data connectivity Codat offers is a “game changer”.
He adds: “We have seen first-hand how Codat drives important efficiencies for our mutual customers.”
Codat has raised a total disclosed sum of $19.6 million since its launch. Its last raise came in a $10 million Series A from June 2020.