Payments operation software platform Modern Treasury has raised $85m in a Series C funding round led by Altimeter Capital.
The round also saw participation from existing investors Benchmark and Quiet Capital. To date, Modern Treasury has pulled in $133m in total funding and has pushed its valuation over $2bn.
California-based Modern Treasury markets a platform that transforms that it claims transforms the way teams move and track money. The firm said its platform helps its customers reconcile over $2bn per month – representing over 20x growth year-over-year.
The company recently opened a new location in San Francisco and is planning to open a new office in New York in order to meet the needs of its quickly expanding team.
According to Modern Treasury, the newly raised capital will enable it to broaden its product suite, partner more deeply with banks and help more customers of all sizes to modernise their finance functions.
Modern Treasury CEO and co-founder Dimitri Dadiomov said, “We’re making big strides with product development and customer traction. As we continue to grow, we invite leading banks to partner with us in delivering best-in-class experiences for our mutual clients.”
Altimeter Capital partner Ram Woo added, “Modern Treasury is fundamentally modernizing the payment infrastructure behind the economy’s most important sectors. They’ve clearly tapped a need in this massive market and we’re thrilled to help support the company’s exceptional growth.”
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