The new funding enables Modern Treasury to expand its offering to healthcare, real estate, financial services, and marketplaces
Modern Treasury, a provider of payment operations software platform, has secured $38m in a Series B funding round, led by technology-focused investment firm Altimeter Capital.
Existing investors Benchmark and Y Combinator have also participated in the financing round.
The company said that the funding comes at a time when it witnesses a high growth in its payment operations and treasury management solutions.
According to Modern Treasury, its solutions enables companies to close books with continuous accounting, manage payments and banking through a single platform.
Altimeter Capital partner Ram Woo said: “Modern Treasury is at the forefront of modernizing B2B payments, a huge fast-growing and largely untapped market. The core infrastructure of business payments has been stagnant for decades leaving businesses to cobble together an unwieldy patchwork of manual processes and point solutions.
“Modern Treasury empowers CFOs, finance teams, and developers to make effective, automated, real-time decisions to manage the lifeblood of every business – money movement.”
Established in 2018, Modern Treasury is engaged in creating payments operations solutions to automate the complete cycle of money movement, from payment initiation, through approvals, to reconciliation, all from one app and API.
The company said that its software is designed to automate every step of the payments process by replacing old legacy systems, enable companies to connect with banks over API, and facilitate rapidly growing Real-Time Payments (RTP).
Last year, Modern Treasury’s customers reconciled $1bn using its platform, with 23% increase in reconciliation volume per month on the Modern Treasury platform.
Modern Treasury’s total capital raise reaches $48m
With the new funding, Modern Treasury’s total capital raise reaches $48m, and enables the expansion of its offering to finance teams in healthcare, real estate, financial services, and marketplaces, said the company.
Modern Treasury CEO and co-founder Dimitri Dadiomov said: “Finance is at the heart of any company’s success, especially in times of rapid change. This funding will enable us to help more companies, both large and small, modernize their finance function, and reconcile the next billion dollars in payments.”
Furthermore, the company provides payment operations for customers in real estate, health care, financial services, and marketplaces.