Today, Modern Treasury, a payment operations software provider, announced a $10M Series A fundraise led by Benchmark. A Y Combinator company, Modern Treasury offers a treasury management and payment operations platform to finance and engineering teams.
Nearly 64 million wires, checks, and ACH payments are sent daily according to NACHA and the Federal Reserve, and 49% of B2B payments still happen via check. Tracking each individual payment requires 6 systems and an average time of 2 hours. Companies have historically needed to build on top of cumbersome bank infrastructure or track details by staffing large finance teams.
Modern Treasury covers the complete life cycle of company payments, including initiation, approval, processing, reconciliation to cash, and accounting. The platform enables teams with robust tooling, real-time data access, and workflow customization. Continuous Accounting, their newest product, allows finance teams to instantly close their books on any day.
“We have built our entire payment operations process on Modern Treasury. Continuous access to financial data has enabled our executive team to make better decisions and build a healthy, growing business,” said Will Young, CEO of Sana Benefits, a health care insurance company and a customer of Modern Treasury.
As part of the round, Chetan Puttagunta, General Partner at Benchmark, has joined the board of directors.
“Every company large or small has to manage payments and accounting reconciliation constantly,” said Chetan Puttagunta. “Today, it’s either done manually with large finance teams or engineering teams have to build one-off point solutions outside their core product. Modern Treasury helps both finance teams and developers alike solve their payment, accounting, and reconciliation needs.”
“We know from first-hand experience that finance teams large and small can benefit from real-time tools for payment operations that increase visibility and efficiency,” said Dimitri Dadiomov, CEO and co-founder of Modern Treasury. “Our vision with Modern Treasury is to make this accessible to every company.”
To learn more about Modern Treasury, visit https://www.moderntreasury.com.
ABOUT MODERN TREASURY
Modern Treasury is a San Francisco-based company that builds payments operations solutions. Modern Treasury offers tools that automate the full cycle of money movement—from payment initiation, through approvals, to reconciliation—and are accessible through web application or API. Founded by Sam Aarons, Dimitri Dadiomov, and Matt Marcus, the company was selected for Y Combinator in 2018 and now powers payment operations for customers in real estate, health care, financial services, and marketplaces.