London tech company awarded £2.5m for service expansion

A London tech company has today announced that it has been awarded £2.5m to help expand its services.

Codat, which connects the internal systems of small businesses to banks, fintechs and other financial institutions, has been awarded the funding by Banking Competition Remedies (BCR).

The funding will be used to open up Codat’s API on a self-serve basis, allowing a larger group of fintechs to build new products and services for SMEs.

The award was made in the latest round of funding declared by BCR, which was established to implement the Alternative Remedies Package of measures agreed between the UK Government and the European Commission.

Pete Lord, CEO at Codat, commented: “Developers, not bankers, are going to be the people to build the financial products we need for small businesses here in the UK.

“BCR has recognised that by awarding this money to Codat, they are benefiting potentially hundreds of products instead of just one.”

“With BCR’s backing we’ve been able to move much quicker, to ultimately help support British SMEs – and right now, that’s never had more significance.

“It’s hugely encouraging to see our strong progress recognised alongside the new set of innovators awarded in this latest round.”