Modern Treasury, a U.S.-based payment operations software provider, announced on Tuesday it secured $38 million Series B funding round, which was led by Altimeter Capital with participation from Benchmark and Y Combinator.
Modern Treasury states that it enables its clients to marry bank statements with the company’s business logic to provide an enriched history of the company’s financial transactions.
“Helping our customers build their own best companies. We build products to support our customers’ goals. We deliver on time and provide exceptional service. We aspire to do things right the first time, and if something goes wrong, we rectify it. Creating the conditions for personal and professional growth. We design our work environment to be uplifting and enriching, a place to engage in meaningful work, constantly learn, and pursue our long-term career journeys. Together, we create a space of psychological safety. We embrace diversity of thought, respectful debate, and intellectual curiosity.”
Modern Treasury reported that in 2020 its customers reconciled $1 billion using its platform and reconciliation volume on its platform grew an average of 23% per month throughout the year. Speaking about the investment, Dimitri Dadiomov, Modern Treasury CEO and Co-Founder, stated:
“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.”
To date, Modern Treasury has raised $48 million in funding. The latest round will enable it to expand the suite of tools it offers to finance teams in all industries, including healthcare, real estate, financial services, and marketplaces.