Modern Treasury, a payments operations software provider, announced an $85 million Series C funding round led by Altimeter Capital.
The funding, which pushes Modern Treasury’s valuation above $2 billion, occurs amid explosive growth for the company.
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.
Banking 4.0 – „how was the experience for you”
„So many people are coming here to Bucharest, people that I see and interact on linkedin and now I get the change to meet them in person. It was like being to the Football World Cup but this was the World Cup on linkedin in payments and open banking.”
Many more interesting quotes in the video below:
