Codat
Also a provider — view Codat’s profile →“Can a universal accounting-API aggregator reinvent itself as the advisory-intelligence layer for commercial banks?”
Founded2017
HQLondon, UK
Total raised$100M+
Latest roundSeries C, 2021
IndustryInfrastructure / Open banking
The story
Codat began as a universal SMB accounting/commerce/banking API aggregator serving fintech and lending platforms (Capital on Tap, Wayflyer). By 2024, the company pivoted upstream to commercial banks — launching Spend Insights with J.P. Morgan to help banks identify cardable supplier spend. As of 2026, the homepage positions Codat as 'the banking infrastructure that lets you serve every account like it's your best' and 'advisory intelligence for commercial banking,' with the fintech Connect product a secondary offering.
Last 12 months
Product timeline
2017
Codat founded in London to provide APIs linking SMB accounting data to fintech services.· founding
2020
Raised $10M Series A led by Index Ventures.· funding
2021
Raised $40M Series C led by Tiger Global.· funding
2024
Launched Spend Insights for card issuers; announced J.P. Morgan as flagship commercial banking customer.· product_launch
2026
Repositioned as 'advisory intelligence for commercial banking' — pivoting from fintech-focused API aggregator toward commercial bank sales enablement.· pivot
The stack
5 layers disclosed in Codat’s embedded-finance stack
Payments / PSP
Card network
in the full report
Open banking
in the full report
Unified APIs
in the full report
Accounting
in the full report
Accounting gap: none
41 more providers across 4 layers, with confidence-scored evidence and source URLs, are in the Embedded Finance Index report.