Modern Treasury, a software platform that enables firms of all sizes handle money confidently, announced today a $50 million Series C financing led by SVB Capital and Salesforce Ventures. The round garnered $135 million at a valuation of over $2 billion. A new category of payment operations is emerging, updating the way organizations move and manage money, and facilitating the creation of new products that fuel growth in key industries like healthcare, real estate, and finance. 

Modern Treasury customers now reconcile over $2.8 billion per month, up from $1 billion a year ago. Modern Treasury clients include Gusto, TripActions, and Marqeta. Each year, customers send approximately $300 million in Real Time Payments (RTP) over the Modern Treasury platform. RTP is the first new payment rail in 40 years.

The Modern Treasury solution is attractive, easy to adopt, and scalable, said Katie Thiry, managing director, Salesforce Ventures. Innovating in the business-to-business payments area will enable organizations move money with trust. The complaints include sluggish payments, high payment failure rates, refunds, and data quality mistakes, according to a recent Harris Poll survey. Payment operations manage the whole payment cycle, from commencement to reconciliation and reporting. Modern Treasury automates every stage. 

We will continue to develop our ties with organizations who want to modernize money movement as well as banks that assist the world's most innovative companies,” stated Dimitri Dadiomov, Modern Treasury CEO and co-founder. “Salesforce Ventures and SVB Capital are long-term and valuable partners for Modern Treasury's future growth.” Modern Treasury provides a banking API and software to serve finance and treasury teams. It helps organizations design new products, manage payments through dashboard or API, and reconcile cash across numerous bank accounts. 

“Our ecosystem has seen increased adoption of payment operations, driven in part by Modern Treasury's platform and market vision,” stated Tilli Bannett, Managing Partner, SVB Capital. The company has swiftly become the gold standard for companies trying to better operationalize how they move money with certainty and scalability. Artisanal Ventures and NewView Capital also joined the round. 

New York and San Francisco have recently launched offices for Modern Treasury. With Ledgers and Virtual Accounts, direct bank interfaces, and different payment methods, customers can reconcile payments, track balances, and transactions for users within apps and goods. Modern Treasury has become a one-stop shop for companies looking to modernize their finance operations.