Modern Treasury customers now reconcile $2.8B of volume per month as the company enables money movement for companies of all sizes
Modern Treasury, a software platform that helps companies of all sizes move money with confidence, announced a $50 million second close of its Series C round from SVB Capital and Salesforce Ventures, following the $85 million first close announced in October. Together this amounts to a total of $135 million raised in the round with a valuation of more than $2 billion.
“Modern Treasury is bringing needed innovation to the business-initiated payments space, which will help companies move money with confidence.”
Modern Treasury’s software is forging the new category of payment operations, modernizing the way businesses move and track money, and making it easier to start companies and build new products that fuel growth in the most important sectors of the economy, such as healthcare, real estate, and finance.
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Founded in 2018, Modern Treasury customers now reconcile more than $2.8 billion per month using the platform, up from $1 billion a month a year ago. Modern Treasury customers include fast-growing companies such as Gusto, TripActions, and Marqeta. Customers are also driving more than $300 million in Real Time Payments, or RTP, over the Modern Treasury platform per year. RTP is the first new payment rail in the U.S. in four decades.
“Enterprises need payment operations support, and Modern Treasury is an elegant, easy to implement, and scalable solution,” said Katie Thiry, Managing Director, Salesforce Ventures. “Modern Treasury is bringing needed innovation to the business-initiated payments space, which will help companies move money with confidence.”
More than four in five companies (84%) face payment operations problems such as slow payments, a high rate of payment failures, returns and data quality errors, all of which waste time for finance teams, a recent Harris Poll survey found. Payment operations involve managing the entire cycle of money movement, from initiation and approvals, to reconciliation and reporting. Modern Treasury automates each step of the process.
“By adding the leading bank for startups and the #1 CRM platform in the world to our list of partners and investors, we will continue to expand our relationships with enterprises that want to modernize money movement as well as the banks that support the world’s most innovative companies,” said Dimitri Dadiomov, Modern Treasury CEO and co-founder. “Salesforce Ventures and SVB Capital have deep roots in the innovation ecosystem, and will be enduring and invaluable partners for Modern Treasury’s future growth.”
Modern Treasury offers an API into the banking system, as well as software to support finance and treasury teams. This automation enables companies to build and scale innovative products, manage payments via dashboard or API, and automatically reconcile cash across multiple bank accounts.
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“We have seen an increasing adoption of payment operations across our ecosystem, and much of this has been driven by Modern Treasury’s platform and vision for the market,” said Tilli Bannett, Managing Partner, SVB Capital. “We’re pleased to partner with Modern Treasury as they pioneer the category of payment operations and believe the company is quickly becoming the gold standard for companies seeking to better operationalize how they move money with confidence and at scale.”
Additional new investors in the round included Artisanal Ventures and NewView Capital.
To date, Modern Treasury has raised $183 million in funding and recently opened offices in San Francisco and New York. Its recent product additions, Ledgers and Virtual Accounts, when combined with direct bank integrations and support for multiple payment methods, allow customers to reconcile payments and track balances and transactions for users within their apps and products. With an expanding product portfolio that reaches deeper into the everyday functions of the finance department, Modern Treasury has become a one-stop shop for companies modernizing the way they transform their finance operations.
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