The funding comes from Index Ventures, a famed investor in some of the most well-known fintechs.
Financial API provider Codat closed a $10m funding round yesterday, taking its total to just over $16m raised to date.
The fintech says the funding will be used to create a “business data superhighway”, helping it launch its services in the US and also to grow its employee numbers to 100 by the end of the year.
Founded in 2017 by former MarketFinance colleagues Peter Lord (CEO), Alex Cardona (COO) and David Hoare (CTO), Codat lets banks and fintechs alike to plug into its single API to access customer data in real-time.
“The way small businesses interact with banks has been broken for a long time,” Peter Lord, CEO and co-founder of Codat said, “They operate in a system that’s clumsy and unable to scale. Coronavirus has exposed those weaknesses for all to see and accelerated the urgency of digitisation.”
“At Codat, we’re trying to shift the model for business communication from being like exchanging letters in the post, to instead having an intelligent real-time platform that automates communication and builds trust between the parties.”
“It makes data exchanges between businesses smoother and more responsive, as it allows systems to communicate electronically and seamlessly with each other in real-time.”