Codat, the London-based company behind an API-based platform for business data, today announced that it has raised 'strategic investments' from both PayPal (Ventures) and American Express (Ventures).
With the cash injection, the Index Ventures-backed fintech startup also formally launched its US operations (based out of NYC).
Codat says its API connects the tools and services that small businesses need for their operations, itself taking care of the 'heavy lifting of integrations'. Its customers include lenders, insurers, payment providers, point-of-sale software vendors and whatnot.
Zettle, the (PayPal-owned) payments company formerly known as iZettle, for instance uses Codat's technology to transfer point-of-sale transaction data into their merchants' accounting software.
"We're excited to welcome American Express Ventures and PayPal Ventures as investors to further our mission to make life easier for small businesses," said Codat founder and CEO Peter Lord. "It's clear that small businesses are the backbone of global economies, and in the next few years, we believe there will be a dramatic acceleration in the quality of financial products they are offered. We believe it starts with an industry-wide shift from siloed data to a more connected ecosystem. Our new investors further fuel our ambition to improve operations for SMBs everywhere."
Codat was founded in London back in 2017 by Lord, Alex Cardona (COO) and David Hoare (CTO).