Codat provides a financial platform that enables seamless integration of data from over 35 accounting, banking, and commerce systems through a standardized API, facilitating real-time data access and updates. This technology allows financial institutions and fintechs to automate data collection, enhance risk assessment, and synchronize accounting processes, improving operational efficiency for small businesses.
Funding
$163.7M raised to dateRaised to date based on public sources. This may differ from the amount the company actually raised and is based only on what is publicly available on the internet.
JPFounders
Product
Problem
Financial institutions and fintech companies face challenges in accessing and integrating financial data from small businesses due to the fragmented landscape of accounting, banking, and commerce platforms. This complexity hinders the ability to automate data collection, accurately assess risk, and efficiently synchronize accounting processes.
Solution
Codat provides a unified API that simplifies the integration of financial data from over 35 accounting, banking, and commerce systems. This platform enables financial institutions and fintechs to access real-time data and updates from small businesses, streamlining data collection and enhancing risk assessment. By standardizing data formats and automating connectivity, Codat reduces the complexity of building and maintaining integrations, allowing businesses to focus on delivering valuable products and services to their customers. The platform supports various use cases, including business lending, accounting automation, and supplier enablement, facilitating deeper connections between financial institutions and their business clients.
Target Audience
Codat primarily serves financial institutions and fintech companies that require seamless access to financial data from small businesses for lending, accounting automation, and supplier enablement purposes.
Features
- Standardized API for accessing data from multiple accounting, banking, and commerce platforms
- Real-time data access and updates for informed decision-making
- Automated data collection processes to improve efficiency
- Secure data sharing capabilities for enhanced collaboration
- Client libraries and SDKs for flexible integration options
- Easy-to-build authorization flow for secure data sharing
- SOC2 TSP and ISO27001 compliance with AES-256 data encryption for robust security
- Domain expertise in accounting and connectivity