Modern Treasury raises USD 38 mln

Wednesday 13 January 2021 14:36 CET | News

Modern Treasury, a payment operations software provider, has announced a USD 38 million Series B funding round led by Altimeter Capital, with prior backers Benchmark and Y Combinator participating.

The funding occurs amid growth for Modern Treasury’s 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.

Annually more than USD 18.5 trillion of business-to-business payments are transacted in the US via wires, checks, and ACH payments, with almost half of those still made via check. Payments take 1 to 3 days to clear and finance teams spend hours tracking them from initiation to approvals to accounting to reporting.

Modern Treasury automates each step of the process. Its software replaces decades-old legacy systems. It makes it easy for growing companies to connect with banks over API. And it enables rapidly growing Real-Time Payments, or RTP.

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.

More: Link

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Keywords: Modern Treasury, payments, funding, banking, API, Treasury Management
Categories: Banking & Fintech | Payments General
Countries: United States
This article is part of category

Banking & Fintech

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