What is Codat?
Founded in 2017, Codat operates as the connective tissue for the modern SMB digital landscape. Its proprietary API platform serves as a universal translator, allowing financial institutions, lenders, and insurance providers to access real-time data from the accounting, banking, and commerce platforms that small businesses rely on daily. By automating the heavy lifting of data synchronization, Codat effectively reduces the friction associated with underwriting, credit assessment, and financial reporting. This market position is increasingly vital as the fintech sector shifts toward embedded finance, where data-driven decision-making is no longer a luxury but a requirement for operational efficiency.
How much funding has Codat raised?
Codat has raised a total of $153.3M across 4 funding rounds:
Series A
$10M
Grant
$3.3M
Series B
$40M
Series C
$100M
Series A (2020): $10M with participation from Index Ventures LLP
Grant (2020): $3.3M led by Banking Competition Remedies
Series B (2021): $40M supported by Tiger Global
Series C (2022): $100M featuring Shopify, Canapi Ventures, JPMorgan Chase, Index Ventures, and PayPal Ventures
Key Investors in Codat
Shopify
A global leader in e-commerce software, Shopify provides a comprehensive platform for online stores and retail point-of-sale systems, facilitating seamless payment processing and logistics for merchants.
Canapi Ventures
A specialized venture capital firm focused on the financial technology sector, providing strategic capital and operational expertise to high-growth companies transforming the banking industry.
JPMorgan Chase
A premier global financial services institution that provides extensive investment banking, commercial banking, and asset management services to a diverse range of clients worldwide.
What's next for Codat?
With the infusion of capital from its latest funding round, Codat is well-positioned to scale its infrastructure and expand its footprint across international markets. The strategic focus will likely center on deepening its integration library and enhancing the security and reliability of its data pipelines. As the company matures, it is expected to leverage its unique position at the intersection of banking and software to introduce more sophisticated analytics tools, further cementing its role as the essential utility layer for the global SMB economy. The firm's roadmap suggests a continued commitment to reducing the technical barriers that prevent financial institutions from serving the small business segment with the same agility as their enterprise counterparts.
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