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Codat Forms Alliance With Judo Bank To Streamline Australian Expansion

Codat are holding hands with Judo Bank to foray into the promising Australian market.

Codat will kick off its Australian expansion with a strategic alliance with Judo Bank to simplify the way Austra­­­­lian SME businesses share vital information with financial service providers.

As a result of their recent alliance with the API for small business data, Judo’s SME customers will now be able to share ac­­­­­­cess to their financial statements digitally; replacing the adruous process of back and forth email exchanges.

Codat’s API provides standardised access to over 30 systems used by small businesses, including banking, commerce platforms and the accounting software used by 97% of Australian SMBs.

Currently, Codat’s technology is utilised by over 130 clients to power a wide variety of use cases across sectors. As an example, the Australian veterinary software platform Petbooqz uses Codat to push sales data into its customers’ accounting software, while Comma uses the technology to power its end-to-end payments process.

It’s also utilised by lenders, such as Swoop, to provide their customers with faster and more personalised finance.

The Australian SMB market has already identified the London-born fintech as an appealing business opportunity, evidenced by its recent growth. Recent figures from ABS highlight how between 2020 and 2021, there was a 3.8% increase in the number of businesses (equatung to 87,806 new users) with a total of 365,480 new businesses cropping up, most of whom rely on some form of accounting software.

The company noted Australia is the most advanced in terms of coverage and adoption of cloud accounting platforms, in part due to the recent introduction of Single Touch Payroll (STP) regulations and the development of platforms like Xero.

Codat has identified the saturation of the market as an increased opportunity for the application of SMB data and is now investing in its physical presence in Sydney with a number of local hires.

Matthew Tyrrell has been appointed as Codat’s APAC Commercial Director to lead the company’s local operations, bringing over 15 years of technology and financial services expertise to the team.

Commenting on the expansion, Matthew said the Australian market presented unique opportunities as an emerging growth market: “We know the average Aussie small business now uses more than 40 different applications. Codat is well-positioned to unlock value and utility from these applications.

Matthew Tyrrell, APAC Commercial Director, Codat
Matthew Tyrrell, APAC Commercial Director, Codat

“At Codat we’ve dubbed this phenomenon Open Finance; a natural progression from Open Banking, that allows SMBs to harness the data from the most important systems they use, like accounting, PoS and eCommerce platforms. It’s these systems that are the central source of truth for business data, not bank accounts. Ultimately, connectivity to these systems has the greatest potential to reduce the administrative burden for small businesses and drive better access to financial services.

“The proliferation of financial services in the local market, plus the coming of a second fintech wave fuelled by Open Banking and initiatives like NPP, place Australian fintech innovators in a prime position to capitalise on Open Finance and offer seamless customer experiences. Through the breadth and depth of connectivity we offer across multiple data sources, Codat plans to become the platform that Australian fintechs of the future are built upon,” he said.

Lisa Frazier, COO, Judo Bank
Lisa Frazier, COO, Judo Bank

Judo Bank’s COO Lisa Frazier added: “Our purpose at Judo is to be Australia’s most trusted SME business bank and to serve SME businesses via relationship-led banking empowered by data and technology. Through our alliance with Codat, we will enhance the quality of the conversations we have with our customers through the access of rich, real-time data. This will further strengthen our customer relationships and the proactive advice we give.”

The Codat and Judo Bank integration will reportedly be available for SMB customers to leverage from early 2022.


  • Tyler is a fintech journalist with specific interests in online banking and emerging AI technologies. He began his career writing with a plethora of national and international publications.

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