Modern Treasury, a San Francisco, CA-based payments operations software provider, raised $85m in Series C funding.
The round, which brought Modern Treasury’s valuation above $2 billion, was led by Altimeter Capital, with participation from existing investors Benchmark and Quiet Capital.
The company intends to use the funds to expand operations and its business reach and broaden its product suite.
Led by Dimitri Dadiomov, CEO and co-founder, and recently named head of engineering Shruthi Murthy, formerly of WhatsApp, Modern Treasury provides payment operations software for companies, enabling teams to move and track money. The company offers an API into the banking system, as well as software to support finance and treasury teams, so that each step of the payments operations process is automated. This enables companies to build and scale innovative products, manage payments via dashboard or API, and automatically reconcile cash across multiple bank accounts.
Customers reconcile over $2 billion per month using the platform.
The company also plans to open an office in New York.