Modern Treasury lands $50m in Series C extension
US paytech Modern Treasury has raised $50 million in a Series C extension round.
The funding round, which brings the company’s total Series C raise to $135 million, saw participation from SVB Capital and Salesforce Ventures with additional investors Artisanal Ventures and NewView Capital also contributing.
Following the conclusion of the Series C, which began in October with an $85 million raise, Modern Treasury has now raised $183 million in total funding to date and the company is valued at more than $2 billion.
In January last year, the California-based payment operations software provider raised $38 million in a Series B funding round led by Altimeter Capital.
The firm offers an API into the banking system, as well as software to support finance and treasury teams. Its solutions enable companies across healthcare, real estate and finance to build and scale new products, manage payments via dashboard or API and automatically reconcile cash across multiple bank accounts.
Founded in 2018, Modern Treasury customers now reconcile more than $2.8 billion per month using the platform, up from $1 billion a month a year ago.
The company recently opened offices in San Francisco and New York and its recent product additions, Ledgers and Virtual Accounts, allow customers to reconcile payments and track balances and transactions for users within their apps and products.