Series B30 June 2021

Codat raises £29m in Series B funding led by Tiger Global to expand US operations and develop new products.

The Series B round was led by Tiger Global with participation from Index Ventures and PayPal Ventures.

£29.0MSeries B

Codat provides a universal API connecting small business data systems to financial software. The company serves over 200 clients globally with a team of 250 staff.

Codat has secured £29m in a Series B funding round led by Tiger Global. Existing backers Index Ventures and PayPal Ventures also participated in the financing.

The company will direct the new capital toward expanding its presence in the United States, including its New York and San Francisco offices. Additional funds will support team expansion, new customer onboarding, and the development of fresh data products for its API.

The raise follows a period of notable growth for the firm, which has tripled its annual revenues and doubled its headcount while extending its API capabilities to cover commerce and payroll data.

From the founder

"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 at Codat

Investor perspective

"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,"