The investment round was led by Tiger Global. The company raised USD 10 million in a Series A in 2020 that Index led; Codat also raised some strategic capital in the interim, but declined in an interview to provide more detail. The company also declined to provide any guidance regarding how much its valuation changed since 2020 between lettered rounds.
The startup told TechCrunch that it grew its annual recurring revenue (ARR) by 3x from the end of 2019 to the end of 2020. The company disclosed that the company is on track to repeat the feat in 2021. Such growth would imply a 9x gain in revenue at the end of 2021 compared to the result from two years ago.
The startup’s API connects corporate data from internal SMB systems — QuickBooks, iZettle etc. — to external providers. If a small business wants to apply for a loan, the ability to provide a potential lender with its financial data in a quick, digital fashion would be useful. Codat would facilitate that data linkage. The startup sells to financial service players and vertical SaaS companies.
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