Plaid is working with Codat to help SMEs access credit

Financial API provider plaid and Codat have teamed up to help SMEs access credit.

The partnership will enable small businesses to share an overview of their finances, including banking information from Plaid and accounting and e-commerce information from Codat, with third-party providers.

By using Codat’s API to examine a company’s financial data and Plaid’s Open Banking data, lenders can validate the financial information provided to them to ensure they are loaning to the right company.

Open banking also allows lenders to tailor the loan to the financial needs of a particular SME and track changes in their financial situation.

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