Modern Treasury, a company that provides payments operations software for businesses, has announced that it has raised $85 million in its Series C round of funding that was led by Altimeter Capital.
This has pushed the valuation of the company to over $2 billion and this increase in valuation has been aided by its strong growth over the past few months as it has been able to onboard many clients during this period and they have been able to use its platform to track and move funds making the fund movement more transparent. It is estimated that more than $750 trillion is being moved annually through ACH, checks, and wire, and a large part of these funds are moved between businesses. Generally, these movements take 1 to 3 days during which there is no visibility of where the funds actually are and how long they would take to reach their destination. Now, this process has been made transparent by the Modern Treasury.
“Modern Treasury is fundamentally modernizing the payment infrastructure behind the economy’s most important sectors,” said Ram Woo, Partner at Altimeter Capital. “They’ve tapped a need in this massive market and we’re thrilled to help support the company’s exceptional growth.”
The company offers an API into the banking system through which each step of the fund movement can be tracked and automated as well. This API can be used by the financial and treasury departments within each company to build their dashboard and trackers as well as manage payments and reconcile cash across different accounts as well. It is reported that its clients process $2 billion worth of payments per month using the platform which is up 20 times from the same period last year.
The company recently appointed Shruthi Murthy as its Head of Engineering. Before joining the company, she was with Whatsapp.
“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.”
The platform provides a suite of tools that automate the full life cycle of a payment movement right from payment initiation to reconciliation thus helping the businesses to track and reconcile payments easily and quickly saving a lot of time and heartburn as well.