What Codat does

Codat is a London-headquartered financial data infrastructure and advisory intelligence company that builds standardized, two-way API integrations to the accounting, banking, and commerce platforms used by small and medium-sized businesses. The company operates through two product lines: Codat Connect, an API platform serving fintechs, business lenders, and cross-border payment providers with use cases including underwriting and monitoring, bank feeds, bill pay, and expense management; and Codat Insights, an advisory intelligence platform launched in 2026 that transforms raw ERP and accounting data into forward-looking insights for commercial banking teams. Codat Insights targets commercial card sales, treasury sales, and spend/working capital/FX advisory workflows at top-40 US commercial banks, with flagship deployments at BMO and J.P. Morgan. The company reports powering over 350,000 financial system connections since its 2017 founding.

Codat generates revenue primarily through subscription-based platform fees invoiced monthly in advance under its Startup Plan terms, and through negotiated multi-year enterprise agreements (Standard and Enterprise MSAs, Version 2.0 from September 2022) priced by connection volume and use case rather than per-seat. The go-to-market is hybrid: an API-first, developer-led self-service channel for fintech and SMB audiences via docs.codat.io, plus a sales-led enterprise motion targeting commercial bank buyers (Head of Commercial Banking, EVP/Head of Commercial Payments, Data & Analytics Leaders) with a 'Book a Meeting' CTA. Codat has raised approximately $177 million cumulatively since 2017, including a $100 million Series C in June 2022 led by J.P. Morgan Growth Equity Partners with participation from Canapi Ventures, Shopify, Plaid, and others, and holds ISO 27001, SOC 2 Type II, GDPR, and GLBA compliance certifications to meet enterprise bank procurement requirements.

Name

Codat

Legal name

Codat Limited

Website

https://codat.io

Company type

Private

Founded year

2017

Operating status

Operating

Headcount range

101–250 employees

Short description

Codat is a London-based financial data platform that builds standardized API integrations to accounting, banking, and commerce systems and now sells advisory intelligence (Spend, Working Capital, FX Insights) to top-40 US commercial banks including BMO and J.P. Morgan.

Ownership category

akta.pro rank

Product category

Financial Data Infrastructure

NAICS

Software Publishers (513210), Software Publishers (51321)

SIC

Services-Consumer Credit Reporting, Collection Agencies (7320)

akta.pro primary industry

Embedded Lending & Credit (POS, Working Capital, Credit Lines) (FSAGALAD)

akta.pro secondary industries

Marketplace & Loan Aggregation Platforms (Borrower-Lender Matching) (FSAGAHAL), Metadata, Catalog & Semantic Layer for Data Platforms (HDAEABAJ)

Keywords

• Financial data API
• Commercial banking intelligence
• ERP data integration
• Business lending data
• Accounting software connectivity

Headquarters

HQ city

London

HQ country

United Kingdom

HQ region

Europe

Offices2 records

Markets served

GTM type

B2B

Offering type

Software

Cost components

Personnel, Technology or R&D, Marketing or Sales, Infrastructure, Operations

Revenue model

1. Platform/API Access: Codat charges platform fees for access to their API infrastructure connecting to business financial systems. Fees are invoiced monthly in advance per their Startup Plan terms (Section 6.1). Enterprise arrangements likely structured as negotiated contracts based on connection volume and use cases.
2. Platform Fees (Startup Plan): Subscription-based access to the Platform at portal.codat.io, billed monthly with invoices due within 30 days. Enterprise versions have separate MSA terms (Version 2.0 Standard and Enterprise from September 2022).

Pricing tiers

Go-to-market motion2 records

Distribution channels3 records

Marketing channels6 records

Core offering

Codat provides an advisory intelligence platform for commercial banking and a unified API platform that connects to business customers' accounting, banking, and commerce systems. Its products include Codat Insights (Spend Insights, Working Capital Insights, FX Insights) for bankers and Codat Connect APIs (Bank Feeds, Lending, Underwriting & Monitoring) for fintechs and lenders, transforming raw ERP data into forward-looking insights.

Product overview

Codat is an advisory intelligence solution purpose-built for modern commercial banking. The company offers two main product lines: Codat Insights (an advisory intelligence platform providing banking teams with on-demand ERP data transformed into forward-looking insights) and Codat Connect (an API platform providing standardized integrations to accounting, banking, and commerce platforms). Codat Insights includes Commercial Card Sales and Treasury Sales solutions for banking teams, along with Spend Insights and Working Capital Insights modules. Codat Connect serves industries including Fintechs, Business Lending, and Cross-Border Payments with solutions such as Underwriting & Monitoring, Bill Pay, Expense Management, and Bank Feeds. The platform processes financial data from business clients' ERP and accounting systems, standardizes and enriches it, and delivers actionable insights to banking teams to drive revenue growth, deepen client relationships, and improve operational efficiency.

Differentiator

Problem solved

Functional benefit

Products and services

• Codat Insights Advisory intelligence platform for commercial banking that provides banking teams with on-demand ERP data transformed into forward-looking insights (Spend Insights, Working Capital Insights, FX Insights) to deepen client relationships, identify revenue opportunities, and accelerate commercial card and treasury sales.
• Codat Connect API platform providing standardized, two-way integrations to accounting, banking, and commerce platforms. Enables fintechs, business lenders, and cross-border payment providers to build financial products faster without custom development work, including Underwriting & Monitoring, Bill Pay, Expense Management, and Bank Feeds.
• Lending API API product that enables business lenders to access accounting and commerce data from various systems to enhance applicant profiles, quickly assess revenue across all channels, and make more confident underwriting decisions.
• Bank Feeds API API that allows platforms to automatically push transaction statements to customers' general ledgers and present data accurately based on their accounting system's best practices. Codat connects to Xero, QuickBooks, Sage, and other accounting platforms.

Named customers4 records

Segments5 records

Ideal customer profiles4 records

Technology focussed Yes

API detail

Has API

Yes

API docs

API detail

Core technology

AI maturity

App detail

Integration3 records

AI capability3 records

Feature10 records

Partnerships

Two partnerships are on record, tiered flagship.

• BMOflagshipStrategic or Co-development Partner · 5 May 2026BMO is among the first banks to collaborate with Codat on deploying AI-powered advisory intelligence for middle market clients. Collaboration uses Codat's Spend Insights to expand the bank's ability to deliver personalized, data-driven card optimization insights. BMO has deployed Codat in the US and is launching a pilot in Canada rolling out by end of 2026. Early results show clients increased spend with BMO by approximately 45% after moving from check to card.
• J.P. MorganflagshipStrategic or Co-development Partner · 2 October 2024J.P. Morgan and Codat announced partnership to facilitate transition from checks to digital payments for US businesses, launching Codat's Supplier Enablement data product designed to increase virtual card usage. J.P. Morgan serves as early adopter for its B2B virtual card offering. Industry research projects virtual cards as B2B payment method will reach $13.8 trillion by 2028.

Scale indicators9 records

Recent moves6 records

Expansion highlights5 records

Broad incumbents

• Alkami Technology: Alkami provides a digital banking platform for banks and credit unions, including commercial banking capabilities. Adjacent as a broader banking tech provider that could bundle advisory intelligence features.
• Envestnet Yodlee: Envestnet Yodlee is a long-established financial data aggregation and analytics platform serving large financial institutions. Competes with Codat on bank feeds and lending data, but operates as part of Envestnet's broader wealth/data portfolio rather than specializing in SMB advisory intelligence.

Direct peers

• TrueLayer: UK-based TrueLayer offers open banking APIs for account connectivity and payments. Comparable as a financial data API platform, though more focused on consumer open banking rather than Codat's SMB ERP/commerce data focus.
• MX: MX provides a financial data platform with connectivity, cleansing, and enrichment capabilities for banks, fintechs, and credit unions. Comparable to Codat's unified data model and lending APIs, with overlapping customer base in commercial and community banking.
• Plaid: Plaid provides a unified API platform for connecting financial accounts and verifying bank data, with a similar developer-first GTM. Plaid is also an investor in Codat, indicating deep ecosystem overlap and comparable focus on standardized financial data connectivity for fintech and banks.
• Finicity (Mastercard): Acquired by Mastercard, Finicity offers financial data aggregation and connectivity APIs for lenders, banks, and fintechs. Direct competitor in lending and account connectivity use cases, with similar target customers (banks and lenders).

Others

• LendingTree / Lending Pad: While primarily a consumer lending marketplace, LendingTree's SMB lending initiatives and reliance on financial data APIs put it in adjacent customer space. Less direct overlap but indicates the broader lending infrastructure ecosystem Codat serves.

Emerging players

• Modern Treasury: Modern Treasury provides treasury operations infrastructure for banks and fintechs, with overlapping customer base in commercial banking treasury teams. Less direct on data aggregation, but comparable on enabling bank treasury product growth.
• Orum: Orum provides payments infrastructure with bank-grade connectivity. Comparable in serving fintech and bank customers with financial data and payment enablement, though focused on ACH/payment execution.
• Prism Data: Prism Data provides SMB financial data analytics for lenders and banks, with similar focus on cash flow visibility and underwriting signals. Emerging niche player in the same SMB data intelligence space.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat5 records

Key risks6 records

Key highlights6 records

Customer concentration

• YouTubeyoutube.com/channel/UCwpPMUkiDlLyVyqaAqFja6Q
• LinkedInlinkedin.com/company/codat-limited
• Xx.com/CodatData
• Facebookfacebook.com/CodatAPI

Compliance4 records

Revenue estimate

Valuation estimate

Number of profiles

Profiles7 records

Funding overview

Funding rounds8 records

Investors11 records

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about Codat