When it comes to small businesses, there are never enough hours in a day to get everything done; effort and time are precious resources, and the last thing you want to do is waste time.
Dealing with finance and accounting can be intimidating for many and London-based Codat is here to solve the problem.
The UK startup is focused on making financial and accounting software integrations as simple as a click of a button.
In the latest development, Codat has formed a strategic partnership with Visa to give European banks access to SME financial data.
The partnership agreement is tied to the launch of the Visa Fintech Partner Connect program in Europe, a new marketplace where Visa is partnering with a roster of carefully selected fintech businesses.
“This is a major stamp of approval and validation of the quality, security and scalability of the platform our team has built,” said Pete Lord, CEO at Codat. “Visa has recognised that we address a universal pain point in SME financial services: the manual, slow, and limited exchange of financial data between businesses and their service providers. Our modern API technology provides the means to do this better, giving Visa’s clients the ability to offer SMEs a suite of improved and more agile products and services, as well as reduce their own operating costs.”
Working with Codat, Visa’s clients will be able to create a fully digital journey for their SME customers, from onboarding to underwriting, to account and portfolio management, with a single point of connectivity between their customers’ accounting platforms and data sources.
Codat’s connectivity to an SME’s financial data will form the most up-to-date picture of a business’s financial health. With this partnership, Codat ensures Visa and Codat clients will always be offered the broadest and richest access to key business financial data.
Founded by Alex Cardona, David Hoare, and Peter Lord in 2017, Codat enables financial service organisations to integrate with a wide and growing range of accounting, banking, and commerce integrations platforms.
Right now, Codat has over 60 clients globally, across various different industries from traditional lenders to invoice financing, insurance to cash flow forecasting. To date, Codat has raised $19.6 million (approx £14.7 million) in funding over 3 rounds.