The funding helps Modern Treasury reach a $2B valuation. Here are the top-line bullets you need to know.
Modern Treasury, a payments processing software provider, has raised $85M in a Series C. The round drew participation from Altimeter Capital, Benchmark, and Quiet Capital.
HOW’S THE COMPANY PERFORMING?
- San Francisco-based Modern Treasury provides a banking system API and software for treasury and finance teams to help automate the entire payments process — from initiation to reporting.
- Modern Treasury’s services extend across major sectors, including healthcare, education, real estate, and financial services.
- The amount of volume reconciled using the company’s software has reached $2B per month.
- The company operates in the US.
Source: Modern Treasury
WHY DOES THE MARKET MATTER?
- The global payments processing solutions market is expected to grow at a CAGR of 10.2% and reach a value of $120.7B by 2025, according to Markets and Markets.
- The market’s growth is likely to be spurred by increasing e-commerce sales as well as the rising demand for contactless transactions amid Covid-19.