Modern Treasury, a San Francisco, CA-based payment operations software provider, raised $38m in Series B funding.
The round was led by Altimeter Capital, with participation from Benchmark and Y Combinator.
The company intends to use the funds to continue to expand operations and its business reach to finance teams in all industries, including healthcare, real estate, financial services, and marketplaces.
Led by Dimitri Dadiomov, CEO and co-founder, Modern Treasury provides payment operations and treasury management solutions, which enable companies to instantly close books with Continuous Accounting, manage payments and banking through a single platform, and have complete cash visibility. The software makes it easy for growing companies to connect with banks over API and enables Real-Time Payments, or RTP.
In 2020, customers reconciled $1 billion using the platform and reconciliation volume on the Modern Treasury platform grew an average of 23% per month throughout the year.