Tiger-backed Codat adds JP Morgan to $ 100 million round table

of London Codat has raised $ 100 million in a series of C-Series led by JP Morgan. The new influx will be used to build what the company calls “critical infrastructure” to be used as the default tool for data sharing in the SME economy. Since the beginning of 2019, Codat has raised $ 176.8 million.

In the war of fintech infrastructure providers, the support of Tiger Global, American Express, PayPal Ventures and now JP Morgan is more than just a vote of confidence, it can open doors and provide exclusive access to services and partnerships that competitors simply do not have. , cannot or do not have access.

“With the impressive caliber and strong expertise in the sector that JP Morgan brings to our board, together with our other advisers, we could not be in a better position to take advantage of the great opportunity before us,” said Codat’s CEO. Pete Lord.

Codat says it now serves more than 200 customers, including a number of the world’s largest banks, along with fintech of powerful players including Brex, Jeeves, Pipe and Clover, all backed by a team of more than 250 people based in the UK. North America and Australia.

“Today we are in the age of ‘gathering’ when it comes to business data,” God added. “Despite radical advances in other areas of technology, in 2022 most small business systems are still not talking, creating hours of painful administration and serious barriers to growth. No one will talk about the integration of financial software for small and medium enterprises in 5-10 years – automated data flows through the Codat platform will be a supposed standard. The only time you’ll notice integrations is when they’re not there. “

Codat’s $ 100 million C-Series round was led by JP Morgan and involved Canapi Ventures and Shopify. He also saw the message Plaid publicly announced investor for the first time. Existing investors Index companies and PayPal Ventures also participates in the circle.

Patrick McGoldrick, a partner at JP Morgan Growth Equity Partners, who will join Codat’s board as part of the deal, said: “We believe Codat has the potential to fundamentally change the way data is shared in the small business economy. JPMorgan Chase has an extensive customer base for small businesses, so we understand the power of data connectivity and standardization – whether used to introduce new customers or offer insights into business performance. This unique global perspective and Codat’s impressive management team have deepened our conviction. ”