It’s usually difficult for new and small businesses to have everything taken care of. From taking care of employees’ needs in human resources to setting up a payroll system, it can be overwhelming to get everything done perfectly. To help ease some of this burden, the London-based tech startup Codat offers a solution that connects the internal systems of small businesses to banks, fintechs and other financial institutions, allowing business data to flow back and forth in real time. The company has announced raising €8.79 million in venture funding.
Next stop, the US
The latest investment of €8.79 million in Codat comes from the international venture firm Index Ventures, which previously backed notable companies such as Adyen, Plaid and Robinhood. The firm’s partner Jan Hammer and venture partner Stephane Kurgan now join the board at Codat. The new funds will be used to expand the company’s services to the US and add 100 more employees by the end of 2020.