Codat becomes a Microsoft partner to give banks easy access to SME financial data

By Aisling Finn on Monday 5 October 2020

Digital Banking

The fintech will give banks a better understanding of their SME customers through its financial API.

Codat becomes a Microsoft partner to give banks easy access to SME financial data
Image source: Pete Lord (centre)/Codat

Financial API provider Codat has today revealed that it has become a Microsoft partner. 

The London-based fintech will help banks better understand their SME customers by providing business data in real-time, which, in turn, will help SMEs applying for financial products. 

Codat’s single API connects its clients to 18 business accounting platforms, as well as leading open bank providers Plaid and TrueLayer and other commerce platforms including iZettle and Shopify. 

Pete Lord, CEO of Codat, said: “We’ve made rapid progress in addressing a universal pain point in SME financial services: the manual and slow exchange of financial data between SMEs and their service providers.” 

“Our modern API technology, hosted on Microsoft Azure, provides the means to do this better, giving firms the ability to offer SMEs a suite of improved and more agile products and services, while at the same time dramatically reducing their own operating costs.” 

The Codat platform is hosted on Microsoft Azure, Microsoft’s cloud computing platform and both companies serve several mutual clients in the financial services sector including banks, lenders and e-commerce businesses.  

Microsoft customers deploying Codat can now exchange data with their SME customers without leaving the security of Azure, making it easier for providers to integrate the Codat platform. 

Codat was recently the recipient of a £2.5m Pool E BCR grant and, in June, closed a $10m funding round as the platform set its sights on international expansion.

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