Codat, a FinTech that specializes in products that help small to medium-sized businesses (SMBs) share financial data, announced a $40 million funding round per a Thursday (July 1) press release.
The release stated that the Series B round was led by Tiger Global and also included existing investors Index Ventures and PayPal Ventures.
“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,” John Curtius, a partner at Tiger Global, said per the statement. “Codat’s customers consistently told us that Codat’s value proposition is incredibly compelling — a faster and better solution at a fraction of the cost as compared to a do-it-yourself approach.”
Codat stated in the announcement that the investment followed a doubling of their staff as well as tripling in the company’s annual revenue. The release also included an announcement that Codat intends to expand its San Francisco office as well as have its application programming interfaces (APIs) include payroll and commerce data.
Peter Lord, CEO of Codat, said per the release, “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.”
Codat states that its API is used by five of the world’s largest financial institutions. Codat’s client roster includes Brex, Clearco, Zettle, FreeAgent, Pipe and Virgin Money.