Company leads new category of payment operations
SAN FRANCISCO, October 06, 2021--(BUSINESS WIRE)--Modern Treasury, a payments operations software provider, today announced an $85 million Series C funding round led by Altimeter Capital, with participation from existing investors Benchmark and Quiet Capital.
The funding, which pushes Modern Treasury’s valuation above $2 billion, occurs amid explosive growth for the company. Its platform transforms the way teams move and track money, catalyzing growth in the economy's most important sectors, from real estate and healthcare to education and financial services.
Annually more than $750 trillion in bank transfers occur each year via wire, ACH and checks. Many of these payments, especially those between companies, take one to three days to clear and finance teams spend hours tracking them from initiation and approvals to accounting and reporting.
Modern Treasury offers an API into the banking system, as well as software to support finance and treasury teams, so that each step of the process is automated. This enables companies to build and scale innovative products, manage payments via dashboard or API, and automatically reconcile cash across multiple bank accounts.
"Modern Treasury is fundamentally modernizing the payment infrastructure behind the economy’s most important sectors," said Ram Woo, Partner at Altimeter Capital. "They've clearly tapped a need in this massive market and we're thrilled to help support the company's exceptional growth."
Modern Treasury customers reconcile over $2 billion per month using the platform, representing over 20x growth year over year. This is also up from $1 billion in March 2021 and $100 million a month last fall.
"We're making big strides with product development and customer traction," says Dimitri Dadiomov, Modern Treasury CEO and co-founder. "As we continue to grow, we invite leading banks to partner with us in delivering best-in-class experiences for our mutual clients."
Modern Treasury recently named Shruthi Murthy, formerly of WhatsApp, as head of engineering. The company also opened a new office in San Francisco and plans to open one in New York to meet the needs of its fast-growing team.
To date, Modern Treasury has raised $133 million in funding. The latest round will enable it to broaden its product suite, partner more deeply with banks, and help more customers of all sizes modernize their finance function, the lifeblood of any business.
"Modern Treasury’s remarkable growth is a testament to its unique product and value proposition in the payments ecosystem. Modern Treasury is enabling more and more of the economy to take advantage of modern payment technology," said Chetan Puttagunta, General Partner at Benchmark and Modern Treasury board member.
To learn more about Modern Treasury and the funding news, please visit our blog post here.
About Modern Treasury
Modern Treasury provides payment operations software for companies, enabling teams to move and track money with confidence. Our tools automate the full cycle of money movement—from payment initiation, through approvals, to reconciliation. Using Modern Treasury products, innovators are reinventing the way businesses are built, run, and scaled. We are a catalyst for growth in the economy's most important sectors, from real estate and healthcare to education and financial services. Founded in 2018, San Francisco-based Modern Treasury is backed by Altimeter Capital, Benchmark, and Y Combinator.
View source version on businesswire.com: https://www.businesswire.com/news/home/20211006005329/en/