Payments operations software platform Modern Treasury has bagged $38m in its Series B round, which will enable the company to grow its product offering.
The capital injection was led by Altimeter Capital, with additional contributions coming from existing backers Benchmark and Y Combinator.
With the fresh batch of funding, the company plans to expand its suite of tools offered to healthcare, real estate, financial services and marketplaces.
Modern Treasury provides management solutions that empower companies to instantly close books with continuous accounting, payment management and banking tools. Its software automates every step in the process.
The FinTech claims its platform has helped its customers reconcile $1bn through its platform, with the reconciliation volume on the platform growing on average by 23%.
Altimeter Capital partner Ram Woo said, “Modern Treasury is at the forefront of modernizing B2B payments, a huge fast-growing and largely untapped market.
“The core infrastructure of business payments has been stagnant for decades leaving businesses to cobble together an unwieldy patchwork of manual processes and point solutions. Modern Treasury empowers CFOs, finance teams, and developers to make effective, automated, real-time decisions to manage the lifeblood of every business — money movement.”
Following the close of the round, the company has raised a total of $48m in funding.
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