Modern Treasury Revenue, Valuation, Funding & Investors
Modern Treasury is valued at $2.2B as of March 2022.
Last Modern Treasury valuation
$2.2B
Series C · Mar 2022
Last Modern Treasury funding round
$50M
Series C · Mar 2022
Modern Treasury revenue
$9M
Series B · Jan 2021
Key investors in Modern Treasury
Benchmark
Altimeter Capital
TQ Ventures
Y Combinator
Salesforce Ventures
Quiet Capital
About Modern Treasury
Modern Treasury is a San Francisco-headquartered fintech platform for payment operations and reconciliation. Its API automates ACH, wire, and RTP transfers with approval workflows and ledger syncing to bank statements. Finance teams at Brex and Ramp process $100 billion monthly through its console. Founded in 2018, it supports multi-entity treasury for 500 enterprise clients.
Founded
2018
HQ
San Francisco, CAWebsite
Status
Privately held
Customer focus
B2B
Revenue model
Subscription
Revenue
$9M (Jan 2021)
Valuation
$2.2B (Mar 2022)
Modern Treasury Valuation
Modern Treasury is currently valued at $2.2B, based on its Series C in March 2022.
The $50M round included Salesforce Ventures, SVB Capital, NewView Capital, Four Cities Capital and Artisanal Ventures.
Modern Treasury's valuation has grown 71x from $31M at its Series A in December 2019 to $2.2B in March 2022, across 4 priced rounds.
Modern Treasury valuation by funding round
Revenue multiple| Date | Stage | Valuation | Revenue Multiple |
|---|---|---|---|
| Mar 2022 | Series C | $2.2B | - |
| Oct 2021 | Series C | $2.2B | - |
| Jan 2021 | Series B | $2B | 222.2x |
| Dec 2019 | Series A | $31M | - |
Modern Treasury Revenue
Modern Treasury's latest recorded revenue is $9M, as of its Series B in January 2021.
Modern Treasury revenue by funding round
| Date | Revenue * | Valuation | Revenue Multiple | Stage |
|---|---|---|---|---|
| Jan 2021 | $9M | $2B | 222.2x | Series B |
* Revenue (or ARR) figures are the values recorded alongside each funding round. Typically run-rate revenue at the time of the deal, or a reported LTM (last 12 months) revenue.
Modern Treasury Funding History
Modern Treasury has raised a total of $183M across 4 funding rounds.
Modern Treasury's first fundraising round was a $10M Series A in December 2019. The most recent completed round was a $50M Series C in March 2022.
Modern Treasury funding rounds
| Date | Stage | Investors | Raised | Valuation | Deal Summary |
|---|---|---|---|---|---|
| Mar 2022 | Series C | Salesforce Ventures; SVB Capital; NewView Capital; Four Cities Capital; Artisanal Ventures | $50M | $2.2B | Modern Treasury is a US-based paytech company founded in 2018 that provides an API into the banking system and software for finance and treasury teams, enabling companies in sectors like healthcare, real estate, and finance to manage payments via dashboard or API, reconcile cash across multiple bank accounts, and build new products. The $50 million Series C extension round on approximately March 30, 2022, from SVB Capital, Salesforce Ventures, Artisanal Ventures, Four Cities Capital, and NewView Capital brought the total Series C to $135 million (after an initial $85 million in October 2021) and total funding to $183 million, with a post-money valuation of more than $2 billion. This extension supported expansion, including new offices in San Francisco and New York, and product additions like Ledgers and Virtual Accounts for reconciling payments and tracking balances. At the time of the extension, Modern Treasury's customers reconciled more than $2.8 billion in payment volume per month using the platform, up significantly from $1 billion a month a year prior and even higher growth noted over 18 months. The platform addresses pain points in payment operations, such as slow payments, high failure rates, refunds, and data errors, positioning it as a scalable solution for enterprises modernizing money movement. Investors like Salesforce Ventures highlighted its innovation in business-initiated payments, while SVB Capital noted its role in operationalizing money movement with certainty. The funding reinforced Modern Treasury's market position amid rising adoption of payment operations platforms, with strong investor confidence reflected in the unicorn-plus valuation. |
| Oct 2021 | Series C | Altimeter Capital (lead); Benchmark; Quiet Capital; TQ Ventures | $85M | $2.2B | Modern Treasury is a payments operations software provider headquartered in San Francisco that transforms how teams move and track money across the financial system. The platform offers an API into the banking system along with software to support finance and treasury teams, enabling companies to automate payment processes from initiation through approvals and automatically reconcile cash across multiple bank accounts. The company serves customers across healthcare, real estate, financial services, and education sectors. In October 2021, Modern Treasury raised $85 million in a Series C funding round led by Altimeter Capital, with participation from existing investors Benchmark and Quiet Capital. The round pushed the company's valuation above $2 billion, up from approximately $300 million at the start of 2021. By the time of the Series C, Modern Treasury's customers were reconciling over $2 billion per month using the platform, representing more than 20x growth year-over-year from the prior period. The newly raised capital was earmarked to broaden the product suite, deepen partnerships with banks, and support the company's rapidly expanding team across its San Francisco headquarters and planned New York office. In March 2022, Modern Treasury raised an additional $50 million Series C extension round led by SVB Capital and Salesforce Ventures, bringing total Series C funding to $135 million and cumulative funding to $183 million. |
| Jan 2021 | Series B | Altimeter Capital (lead); Y Combinator; Benchmark; TQ Ventures | $38M | $2B | Modern Treasury provides payments operations software that automates money movement, including initiation, approvals, and reconciliation via API for wire transfers, ACH, and real-time payments. The company, founded in 2018 by Dimitri Dadiomov, Sam Aarons, and Matt Marcus, serves enterprise customers like ClassPass, Splitwise, Navan, Revolut, Gusto, and BlockFi, enabling embedded payments for fintechs, neobanks, and other businesses. In October 2021, it raised $85M in a Series B round led by Altimeter Capital with participation from Benchmark, TQ Ventures, and Y Combinator, achieving a $2B post-money valuation and passing $2B in reconciled volume. This followed a $38M Series A in January 2021, bringing total funding to $183M by later reports. Around the 2021 funding rounds, Modern Treasury demonstrated strong traction with reconciled payment volumes growing from $100M in August 2020 (25% monthly growth) to $1B per month by April 2021, and further to $2.8B per month by March 2022. Annualized revenue reached $9M in 2021, more than doubling to $22M by 2023, while customer count expanded to nearly 160 enterprises by 2023, up 70% year-over-year. The platform supports over 20 bank partners and processors like Stripe, with expansions into virtual accounts, international ACH, and partnerships like Goldman Sachs. Modern Treasury leads in payment operations amid a massive market, with U.S. ACH processing $76.7T in 2022 and opportunities in real-time payments ($1.8T in 2022). It addresses manual processes plaguing 80%+ of companies, positioning for growth in embedded payments projected to $138B by 2026. A follow-on $50M extension from SVB Capital and Salesforce Ventures came in March 2022. |
| Dec 2019 | Series A | Benchmark (lead) | $10M | $31M | Modern Treasury raised an $8.45 million Series A round on December 19, 2019, led by Benchmark with participation from Tq Ventures and Y Combinator, at a post-money valuation of $31.4 million. The funding supported scaling the platform, expanding the team, and early market traction in payment operations software. The company provides an API into the banking system and software for finance and treasury teams to manage payments, reconcile cash across bank accounts, and build products in sectors like healthcare, real estate, and finance. Founded in 2018 after participating in Y Combinator's Summer 2018 batch, Modern Treasury focused on foundational technology development with seed funding before the Series A. Benchmark's investment brought fintech expertise during the company's formative stages. Subsequent rounds included a $38 million Series B in January 2021 led by Altimeter Capital and a $135 million Series C (including extension) in 2021-2022, pushing total funding to $183 million and valuation above $2 billion. |
Who has invested in Modern Treasury?
10 investors have backed Modern Treasury across its funding rounds, including Benchmark, Altimeter Capital, TQ Ventures, Y Combinator, Salesforce Ventures and Quiet Capital.
Lead investors include Altimeter Capital and Benchmark.
Modern Treasury Investors
| Investor | HQ | Rounds | Role | First check |
|---|---|---|---|---|
| San Francisco, CA | 3 | Lead | Dec 2019 | |
| San Francisco, CA | 2 | Lead | Jan 2021 | |
| New York City, NY | 2 | Participant | Jan 2021 | |
| San Francisco, CA | 1 | Participant | Mar 2022 | |
| San Francisco, CA | 1 | Participant | Mar 2022 | |
| San Francisco, CA | 1 | Participant | Jan 2021 | |
| San Francisco, CA | 1 | Participant | Mar 2022 | |
| Boston, MA | 1 | Participant | Mar 2022 | |
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Benchmark 350K+ Funding Rounds and Disclosed VC Valuation Multiples
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Start Free TrialAcquisitions by Modern Treasury
Modern Treasury has acquired 1 company to date.
Last acquisition by Modern Treasury was on October 22nd 2025. Modern Treasury acquired Beam for $40M.
Latest Acquisitions by Modern Treasury
| Description | Beam is a global payments platform using USDC stablecoins for instant, low-fee remittances via its app. Supporting corridors from Latin America to the US and Europe since 2022, it processes transfers in minutes with on-ramps through local banks and crypto exchanges, targeting unbanked users in emerging markets. |
| HQ Country | |
| HQ City | San Francisco, CA |
| Deal Date | 22 Oct 2025 |
| Valuation | $40M |
| EV/Revenue | |
| EV/EBITDA | |
This data is available for Pro users. Sign up to see all Modern Treasury acquisitions and their M&A valuation multiples. Start Free Trial | |
Modern Treasury Competitors
Modern Treasury competitors include listed companies like Servyou Software Group, Shenzhen Fortune Trend, Beijing Compass Technology and Morningstar, and private ones like Trumid and 21Finance.
| Company | HQ | Status | Revenue | EBITDA | Valuation | Revenue Multiple |
|---|---|---|---|---|---|---|
 China | Publicly listed | $306M | $35M | $2.3B | 6.6x | |
| China | Publicly listed | $55M | $50M | $4.1B | 68.1x | |
| China | Publicly listed | $320M | $46M | $7.3B | 13.7x | |
| United States | Publicly listed | $2.4B | $718M | $7.6B | 3.5x | |
| New York City, NY | Private | - | - | $2.4B | - | |
 Liechtenstein | Private | - | - | $2B | - |
Modern Treasury Public Comps
Modern Treasury is still privately-owned, but its public comps include Diebold Nixdorf, Ncino, iFAST Corp, Servyou Software Group, Shanghai DZH, Alkami Technology, Tieto, Computer Age Management Services, Aisino and Porch Group.
| Last FY | EV/Revenue | EV/EBITDA | ||||||
|---|---|---|---|---|---|---|---|---|
| Revenue | EBITDA | Last FY | LTM | 2027E | Last FY | LTM | 2027E | |
| $3.8B | $329M | 0.7x | 0.7x | 8.6x | 5.5x | |||
| $595M | $65M | 4.3x | 4.0x | 39.0x | 15.8x | |||
| $349M | $106M | 3.7x | 2.7x | 12.2x | 8.9x | |||
| $306M | $35M | 7.4x | 6.6x | 64.6x | 44.3x | |||
| $123M | ($545K) | 18.1x | - | (4082.3x) | - | |||
| $444M | ($27M) | 5.1x | 4.5x | (85.4x) | 26.5x | |||
| $2.1B | $186M | 1.3x | 1.4x | 15.2x | 7.9x | |||
| $158M | $74M | 11.2x | 10.5x | 23.8x | 23.0x | |||
This data is available for Pro users. Sign up to see all Modern Treasury competitors and their valuation data. Start Free Trial | ||||||||
Common questions about Modern Treasury
| When was Modern Treasury founded? | Modern Treasury was founded in 2018. |
| Where is Modern Treasury headquartered? | Modern Treasury is headquartered in San Francisco, CA, United States. |
| Is Modern Treasury publicly listed? | No, Modern Treasury is a private, VC-backed company. |
| What is Modern Treasury's valuation? | Modern Treasury was last valued at $2.2B in its Series C in March 2022. |
| How much funding has Modern Treasury raised? | Modern Treasury has raised $183M across 4 funding rounds. |
| What was Modern Treasury's last funding round? | Modern Treasury's last funding round was a $50M Series C in March 2022. |
| Who are Modern Treasury's investors? | Modern Treasury's investors include Benchmark, Altimeter Capital, TQ Ventures, Salesforce Ventures, SVB Capital, Y Combinator, NewView Capital, Four Cities Capital, Artisanal Ventures and Quiet Capital. |
| What is Modern Treasury's revenue? | Modern Treasury's latest recorded revenue is $9M (January 2021). |
| Which companies are comparable to Modern Treasury? | Companies comparable to Modern Treasury include Servyou Software Group, Shenzhen Fortune Trend, Beijing Compass Technology, Morningstar, Trumid and 21Finance. |
| How many companies has Modern Treasury acquired? | Modern Treasury has acquired 1 company, including Beam. |
| What was the largest acquisition by Modern Treasury? | The $40M acquisition of Beam in October 2025 is the largest acquisition Modern Treasury has made to date. |
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