Codat secures $10M in a round led by Index Ventures.

Codat, a London, UK-based developed of SAAS connection the internal systems of small businesses to banks, fintechs and other financial institutions, announced that it raised $10 illionm in funding.

The money was raised from investors including UK-based VC Index Ventures. In conjunction with the funding, Index partner Jan Hammer and venture partner Stephane Kurgan joined the board.

The proceeds will be used to expand to the US and grow to 100 people by the end of the year.

Codat, founded in 2017 by Peter Lord (CEO), Alex Cardona (COO) and David Hoare (CTO), is a technology company that lets banks and fintechs plug into their small businesses and the software they use giving them access to real time customer data. It uses a single API to directly ‘plug in’ to the software used by small businesses – allowing financial organisations to access everything from the company’s accounting software to payment terminals recording real-time transactions.

The company has over 50 clients globally, across various different industries from traditional lenders to invoice financing, insurance to cashflow forecasting.