Dutch digital core banking provider five°degrees and London-based fintech have partnered to strengthen their position in the SME lending industry.
The partnership is anticipated to enable banks and financial services provider to support SMEs via lending access and risk mitigation.
Go deeper with GlobalData
As part of the collaboration, Codat becomes part of five°degrees’ Open Banking Marketplace, which boosts collaboration between banks and technology companies for steamlined digital customer experiences, enhanced efficiencies, and trouble-free compliance.
Codat co-founder Alexander Cardona said: “Taking an ‘Open Accounting’ approach enables banks to have greater access to real-time accounting data. This helps banks provide faster and more accurate lending decisions for small businesses while managing risk effectively.
“With the ability for banks to make quick lending decisions based on real-time insights, SMEs feel valued and lengthily paper vetting processes are avoided.”
Codat is building an ecosystem of connected datasets. The company’s single API allows companies to easily access consented, contributed data from their small business customers.
How well do you really know your competitors?
Access the most comprehensive Company Profiles on the market, powered by GlobalData. Save hours of research. Gain competitive edge.
Thank you!
Your download email will arrive shortly
Not ready to buy yet? Download a free sample
We are confident about the unique quality of our Company Profiles. However, we want you to make the most beneficial decision for your business, so we offer a free sample that you can download by submitting the below form
By GlobalDatafive°degrees executive vice president Peter-Jan Van De Venn said: “By joining forces with Codat, we are providing unrivalled customer experience via our Open Banking Marketplace, helping banks and financial institutions to provide for lending solutions and take advantage of the SME market opportunity.”
Last month, five°degrees had partnered with Entersekt for a new banking approach. Entersekt is a B2B2C fintech company based just outside Cape Town, South Africa.
