When we started Modern Treasury, we set out to build an enduring and valuable company. Today, we are excited to share that we’ve reached a significant milestone on that journey.
Modern Treasury has raised a $10M Series A financing led by Benchmark. We are thrilled to have Chetan Puttagunta, General Partner, join our Board of Directors, and welcome the entire Benchmark team to the Modern Treasury family.
Every day, millions of engineering, finance, and accounting professionals in the US work to make sense of nearly 64 million daily ACH, wire, and check payments. They seek to answer what these payments were, why they happened, and how to book them. With complicated payment flows and clunky systems, it can take weeks to finish a month close and quarters to complete an audit.
At our previous company LendingHome, we saw this problem up close as we built and scaled the payment operations system. That system moved and accounted for billions of dollars in annual transactions.
Then we realized finance teams all over the world were struggling with a similar problem. They deserve great software, too.
We believe that payment operations is in the early stages of a well-worn path. In the past, companies built their own data centers. It is now rare to find a company building their own data center, because cloud providers made this easy, and as a result teams could focus on growing their core business. The same story has happened with sales CRMs, marketing analytics, enterprise communications, and many other categories.
Great payment operations software requires a high degree of focus and understanding of banking, payments, and accounting systems. It’s non-core for almost every business. But we love it. It’s why we started Modern Treasury.
We’ve been fortunate to work with many companies to improve the way they make, approve, reconcile, and account for the payments that define their very businesses. Using Modern Treasury, these teams have been able to manage their businesses with a greater degree of control, accuracy, and visibility.
To date, we have focused on building an end-to-end payment operations platform that covers the five stages of a payment. Along the way, we released Continuous Accounting, launched support for Real Time Payments, and added support for eight top commercial banks including Silicon Valley Bank, Wells Fargo, and JP Morgan Chase. And we have so much more to build.
Thank you to our customers, our early team, and our seed investors for the trust you have placed in us and the help along the way. We’re excited for what’s to come. If our story resonates with you, drop us a note.
What is past is prologue, and we’re just getting started with Chapter One.
Sam, Dimitri, & Matt
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