London-based Codat has formed a strategic partnership with Visa as the payment giant is gearing up to launch the Visa Fintech Partner Connect programme in Europe.
The programme is a new marketplace where Visa is partnering with a roster of carefully selected fintech businesses.
Tech startup Codat will assist with the launch by using its technology, which 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.
Simply put, the Codat API empowers financial service organisations to integrate with a wide and growing range of accounting, banking, and commerce integrations platforms. It means banks and lenders can quickly get a holistic financial profile of a small business. They can thus better, faster and more accurately gauge credit risk.
“This is a major stamp of approval and validation of the quality, security and scalability of the platform our team has built,” said Pete Lord, CEO at Codat. “Visa has recognised that we address a universal pain point in SME financial services: the manual, slow, and limited exchange of financial data between businesses and their service providers.
“Our modern API technology provides the means to do this better, giving Visa’s clients the ability to offer SMEs a suite of improved and more agile products and services, as well as reduce their own operating costs.”
The news comes after Codat bagged a $10m investment in June to fund its expansion plans into the US. In August, the FinTech startup raised another £2.5m in new capital.
In October, Codat became a Microsoft partner, enabling it it to better work to solve problems for enterprise financial service firms globally.
Codat was founded in 2017 by Lord, COO Alex Cardona and CTO David Hoare.
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