Codat, a provider of a universal API for small business data, has raised $100 million in a Series C investment round. The round was led by JP Morgan Growth Equity Partners with participation from Canapi Ventures and Shopify, along with existing investors Index Ventures and PayPal Ventures. Software-as-a-Service (SaaS) lending and payments companies use Codat’s API to create integrated products for its small and medium business (SMB) clients. Codat wants to create the default means of sharing data for the small business economy – essentially acting as the “internet for business data”. It claims that the economic benefit of its infrastructure has already been proven. SMBs sharing and syncing data to other systems via Codat’s technology have grown on average 2.7 times faster than GDP in 2021.
Codat Raises $100M From JP Morgan in Series C Round