Codat

Codat is a data infrastructure company founded in 2017 by Peter Lord, Alex Cardona and David Hoare, headquartered in London with offices in New York, San Francisco and Sydney. It targets a structural constraint in SME lending: banks underwriting small businesses depend on filed accounts and manually collected spreadsheets that are already stale when the credit decision is taken.

The Lending API connects a borrower’s accounting, banking and commerce systems through one integration covering 20+ platforms including QuickBooks Online and Desktop, Xero, Sage, NetSuite and FreshBooks. It returns standardised profit and loss statements and balance sheets, bank transactions enriched with B2B merchant categories, sales volumes from platforms such as Shopify and Amazon, and AI-identified existing loans and credit lines. The borrower consents once, so the lender can refresh the same feed for periodic reviews and portfolio monitoring. Customers include Liberis, Novuna Business Cash Flow, Wayflyer, Rho and Uncapped. In June 2022 Codat raised a USD 100 million Series C led by J.P. Morgan Growth Equity Partners, with Shopify and Plaid joining as investors.

1. Underwriting and Monitoring: one API returning standardised P&L, balance sheet and ledger data pulled from the borrower's accounting system.

2. Accounting Score: API metrics that surface data quality concerns in a borrower's ledger before an underwriter starts manual review.

3. Enriched bank transactions: categorisation trained on B2B merchant categories rather than consumer spending patterns.

4. Liability insights: automated detection of existing loans and credit lines to size remaining debt capacity.

5. Continuous monitoring: a single customer consent lets lenders refresh data for annual reviews, covenant checks and early warning triggers.

6. Coverage and delivery: 20+ accounting platforms, with most lenders completing integration in four to six weeks.