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APIs · head to head

Codat vs Toqio

Codat logo

Codat

APIs

One API for small business accounting, banking and commerce data

From
On request
Rated
-
Full reviewWebsite
Toqio logo

Toqio

APIs

No code platform for building embedded finance products on your own providers

From
On request
Rated
-
Full reviewWebsite

The short version

  • Each has a real cost: Codat the accounting platforms are metering developer access themselves, with Xero introducing tiered connection based developer pricing from 2 March 2026, so a cost you do not control has been inserted between you and the data and it scales with the number of customers you connect.; Toqio toqio holds no licence and provides no sponsor bank, so you must find, contract and manage regulated providers yourself, which is the slowest part of any embedded finance launch.
  • They diverge on capability: Codat covers Normalised accounting API, Toqio covers No code product builder.
  • Prices and features above were last checked on 1 September 2026.

Where they differ

Only the attributes on which Codat and Toqio actually diverge.

Attributes where Codat and Toqio differ
AttributeCodatToqio
PlatformsAPI, WebWeb, iOS, Android, API

Identical on both: starting price (On request), pricing model (quote), free tier (No), user rating (Not yet rated), category (APIs).

What each one covers

Drawn from each product's published feature list. An absence here means we hold no record of it - not that the product lacks it.

Only in Codat

  • Normalised accounting API
  • Banking and commerce data
  • Lending products
  • Write-back
  • Business verification
  • Supplier onboarding
  • Connection management
  • Data quality handling

Only in Toqio

  • No code product builder
  • Provider orchestration
  • Account and card modules
  • Embedded financing
  • Back office tooling
  • Multi entity and multi brand
  • White label mobile apps
  • Marketplace of providers

What people use each for

The jobs each tool is most often brought in to do.

Codat

  • A business lender that wants live ledger data for underwriting rather than a borrower emailing exported PDF accountsnot Toqio
  • A commercial bank monitoring covenant compliance across a portfolio of small business borrowers continuously rather than quarterlynot Toqio
  • A payment company verifying a merchant trading history before extending working capitalnot Toqio
  • A B2B platform writing bills and payments back into a customer accounting system so reconciliation happens automaticallynot Toqio

Toqio

  • A manufacturer offering branded working capital finance to its dealer networknot Codat
  • A B2B marketplace launching accounts and cards for its sellers without becoming regulated itselfnot Codat
  • A corporate that wants to switch card issuer without rebuilding its customer facing productnot Codat
  • A group launching the same embedded finance product across several markets with different local providersnot Codat

Where each one falls short

Documented limitations, not opinions. Every one is a constraint you would hit in normal use.

Codat

  • The accounting platforms are metering developer access themselves, with Xero introducing tiered connection based developer pricing from 2 March 2026, so a cost you do not control has been inserted between you and the data and it scales with the number of customers you connect.
  • Pricing is opaque and enterprise shaped for a product developers expect to evaluate technically first, so build decisions get made before anyone knows the unit economics.
  • Normalisation hides but does not remove the underlying differences between accounting systems, and edge cases in multi-currency, journals and tax handling surface as data quality problems that your team must reason about in each source system anyway.
  • Data quality depends on the small business keeping its books properly, so a lender using ledger data for underwriting inherits the bookkeeping standard of its worst borrower and needs its own validation layer regardless.
  • Connection breakage from expired tokens and platform API changes is an ongoing operational load, and a borrower whose connection lapses stops being monitored silently, which is the failure mode that matters most in a lending portfolio.

Toqio

  • Toqio holds no licence and provides no sponsor bank, so you must find, contract and manage regulated providers yourself, which is the slowest part of any embedded finance launch.
  • Because it orchestrates rather than provides, the customer experience is only as good as the underlying bank or issuer, and Toqio cannot fix a partner's settlement delays or outages.
  • Pricing is quoted with no public rate card, so comparing it against building in house or against a bundled banking as a service provider requires a full sales process.
  • With around EUR 30 million raised in total it is a small supplier to underpin a financial product a large corporate expects to run for a decade, which raises real continuity questions in procurement.
  • No code configuration covers standard patterns well but bespoke customer journeys eventually require custom development, at which point the main advantage over building directly on provider APIs narrows.

Pricing, plan by plan

Codat

On request
  • Codat Platform$undefined/year
    • Priced by connected companies, data types and products
    • Lending and verification products priced above core data access
    • Annual enterprise agreements

Toqio

On request
  • Toqio platform$undefined/year
    • Quoted per customer, typically setup plus recurring platform fee
    • Regulated provider fees are separate and contracted by you
    • Card interchange and lending economics belong to your provider agreements

Which should you pick?

Choose Codat if

  • You need normalised accounting api.
  • You work on API, Web.
  • You also want banking and commerce data.
Codat review

Choose Toqio if

  • You need no code product builder.
  • You work on Web, iOS, Android, API.
  • You also want provider orchestration.
Toqio review

Questions people ask

Is Codat or Toqio better?
Neither clearly leads. Codat starts at On request and Toqio at On request, and user ratings are close enough to be indistinguishable. Choose on capability and platform support.
Which is cheaper, Codat or Toqio?
Codat starts at On request and Toqio at On request.
Does Codat or Toqio run on more platforms?
Codat runs on API, Web. Toqio runs on Web, iOS, Android, API.
What is Codat best used for?
Codat is most often used for a business lender that wants live ledger data for underwriting rather than a borrower emailing exported pdf accounts, a commercial bank monitoring covenant compliance across a portfolio of small business borrowers continuously rather than quarterly, a payment company verifying a merchant trading history before extending working capital, a b2b platform writing bills and payments back into a customer accounting system so reconciliation happens automatically. Of those, a business lender that wants live ledger data for underwriting rather than a borrower emailing exported pdf accounts and a commercial bank monitoring covenant compliance across a portfolio of small business borrowers continuously rather than quarterly are not what Toqio is typically brought in for.
What can Codat do that Toqio cannot?
Codat covers Normalised accounting API, Banking and commerce data, Lending products, Write-back. Toqio covers No code product builder, Provider orchestration, Account and card modules, Embedded financing.

Answered from the vendors’ own pages

Codat: What is changing with Xero in 2026?

Xero is introducing a tiered, usage based developer pricing model effective 2 March 2026, with tiers based on the number of customer connections an app holds. That is a new cost in the chain for anyone reading Xero data at scale, whether directly or through Codat.

Toqio: Does Toqio provide the banking licence?

No, deliberately. You contract your own bank, issuer or lender, which is why you can replace them without rebuilding the product.

Codat: Can Codat write data back?

Yes. It supports pushing bills, payments and journal entries into accounting systems, not only reading from them.

Toqio: Who is it aimed at?

Large corporates and B2B ecosystem operators embedding finance for suppliers, dealers or marketplace sellers, not consumer fintech startups.

Codat: Is pricing published?

No. It is quoted by connected companies, data types and products, and users consistently describe it as opaque.

Toqio: How much does it cost?

Not published. Expect a setup fee plus a recurring platform fee, with all regulated provider costs on top and separately contracted.

Codat: Does it replace bank data aggregation?

Not entirely. It covers banking alongside accounting and commerce, but lenders commonly run it beside a bank aggregator for transaction level cash flow.

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