The payments operation software firm Modern Treasury announced on Wednesday (Oct. 6) that it has raised $85 million in Series C funding.
“The new financing values the company at over $2 billion and positions us to build an enduring, independent company that allows businesses everywhere to move money with confidence,” the company said in an announcement on its website.
Modern Treasury said it plans to use the capital — invested by Altimeter Capital, with participation from Benchmark, Quiet Capital and other existing investors — to integrate more closely with its partner banks, recruit new banks, expand its product footprint and add new members to its team.
Founded in 2018 by Dimitr Dadiomov, Sam Aarons and Matt Marcus, the company said it plans to build on work that’s already begun. The firm recently hired Shruthi Murthy as head of engineering, opened its San Francisco office, partnered with Silicon Valley Bank and added support for global payouts.
Read more: B2B Payments Firm Modern Treasury Lands $38M
Modern Treasury announced $38 million in Altimeter-led Series B funding earlier this year following a period of what it called “explosive” growth.
“Modern Treasury empowers [chief financial officers] CFOs, finance teams and developers to make effective, automated, real-time decisions to manage the lifeblood of every business — money movement,” Altimeter Capital Partner Ram Woo said at the time.
The firm has also grown in volume, from $10 million per month two years ago to $100 million per month last year to its current level of $2 billion each month.
“What’s more, we serve an ever-expanding base of clients in the economy’s most important sectors, from real estate and healthcare to education and financial services,” the announcement said. “Every week we discover new business opportunities that Modern Treasury can enable.”
The company also noted that it was able to make this announcement at its first big gathering since COVID hit, with much of the team meeting each other in person for the first time.