Modern Treasury has successfully raised $183 million over four funding rounds, achieving a valuation of $2 billion. The platform offers APIs for money movement, including ACH, RTP, wires, and other payment methods.
Keep reading to explore the intricacies of Modern Treasury's fundraising journey and the investors backing this innovative platform.
What Is Modern Treasury?
Modern Treasury, founded in 2018, is headquartered in San Francisco with additional locations in New York and remote options. The company specializes in building payment operations software for high-growth companies, offering tools for real-time payments, automatic reconciliation, continuous accounting, and compliance solutions.
Co-founded by Sam Aarons (CTO), Matt Marcus (CPO), and Dimitri Dadiomov (CEO), Modern Treasury has grown to employ between 51-200 people. Their platform modernizes payment operations for various industries, including rideshare marketplaces, digital wallets, and fiat-crypto onramps.
Modern Treasury's solutions enable companies to move and track money efficiently, reconciling over three billion dollars per month. The company is backed by prominent investors such as Benchmark, Altimeter, SVB Capital, Salesforce Ventures, NewView Capital, and Y Combinator.
How Much Funding Has Modern Treasury Raised?
- Series A (December 2019)
- Amount Raised: $10,000,000
- Date: December 2019
- Lead Investors: Benchmark
- Motivation Behind the Round: To capitalize on the growing interest in the payments sector.
- Series B (January 2021)
- Amount Raised: $38,000,000
- Date: January 2021
- Lead Investors: Altimeter Capital
- Motivation Behind the Round: To expand the team and enhance product offerings.
- Series C (October 2021)
- Amount Raised: $85,000,000
- Date: October 2021
- Lead Investors: Altimeter Capital
- Motivation Behind the Round: To continue building the category of payment operations and scale the business.
- Series C (March 2022)
- Amount Raised: $50,000,000
- Date: March 2022
- Lead Investors: SVB Capital and Salesforce Ventures
- Valuation at Round: $2B
- Motivation Behind the Round: To bring in pioneering investors who understand the needs of early-stage companies and help scale and grow Modern Treasury.
Total Amount Raised: $183,000,000. Current Valuation: $2,000,000,000.
Key Investors
- Benchmark
- Details: Benchmark is a venture capital firm known for its early-stage investments in technology companies. The firm has a history of backing high-profile startups.
- Investment Focus Areas: Early-stage venture capital, technology startups.
- Notable Investments: Uber, Twitter, Snap.
- Altimeter Capital
- Details: Altimeter Capital is a technology-focused investment firm that invests in both public and private markets. The firm is known for its strategic investments in high-growth companies.
- Investment Focus Areas: Technology, software, internet, consumer sectors.
- Notable Investments: Snowflake, Unity, Roblox.
- SVB Capital
- Details: SVB Capital is a division of Silicon Valley Bank, which provides venture capital, growth capital, and private equity investments. The firm has a long history of supporting innovative companies.
- Investment Focus Areas: Venture capital, growth capital, private equity.
- Notable Investments: LinkedIn, Fitbit, Roku.
- Salesforce Ventures
- Details: Salesforce Ventures is the investment arm of Salesforce, focusing on enterprise cloud companies. The firm aims to accelerate the growth of the next generation of enterprise technology.
- Investment Focus Areas: Enterprise cloud companies, SaaS.
- Notable Investments: Zoom, Dropbox, Twilio.
- NewView Capital
- Details: NewView Capital is a venture capital firm that invests in growth-stage technology companies. The firm was founded to provide flexible capital solutions to high-growth companies.
- Investment Focus Areas: Growth-stage technology companies.
- Notable Investments: Plaid, Duolingo, Scopely.
What's Next for Modern Treasury?
Modern Treasury stands at the cusp of a significant opportunity to revolutionize the payment infrastructure, a market that handles hundreds of trillions of dollars annually. With the backing of prominent investors like Salesforce Ventures and SVB Capital, the company is well-positioned to deliver much-needed innovation to its customers, powering the economy’s most critical sectors.
Given the rapid increase in valuation and successful funding rounds, Modern Treasury is likely to attract further investment. However, the company will need to navigate challenges such as intense competition, regulatory hurdles, and the complexities of scaling operations while maintaining product quality and reliability.
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