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JPMorgan Backs Software Startup Codat at $825 Million Valuation

  • Canapi Ventures, Shopify, Index, PayPal Ventures also invested
  • London firm’s valuation jumped from $300 million in July 2021

Codat, a software startup that connects small businesses with financial institutions, raised $100 million in an equity funding round led by JPMorgan Chase & Co.’s growth-equity arm.

The transaction values the London-based company at roughly $825 million, Codat co-founder and Chief Executive Officer Pete Lord said in an interview, more than doubling since a Tiger Global-led round last July. New investors Canapi Ventures and Shopify Inc. participated in the latest financing, as did existing backers Index Ventures and PayPal Ventures, Lord said.