Modern Treasury

Modern Treasury offers an expense and payment management platform for enterprises, which includes payout automation, digital wallets, cash management, loan servicing, and direct debit management. Companies can connect Modern Treasury with their bank accounts to create a single portal to manage payments from approval to payment initiation, tracking, and reconciliation. The platform supports several payment methods including ACH, real-time payment (RTP), and wire transfers.  

Modern Treasury charges its users based on a monthly subscription (USD 499 per month) and pay-per-use model (based on the handled ledger transactions).  

The company enhanced its platform by launching the “Reconciliation Engine (RE)” in April 2023, to automate and simplify business cash reconciliations. RE enables businesses to track and confirm transactions in real-time, thereby improving the efficiency, curtailing financial risk, and offering real-time insights on payment flows. The RE has three primary capabilities: 1) integrations with financial institutions and payment processors (20+ banking partners and payment processors such as Stripe); 2) automated reconciliation (proprietary AI and ML models to reconcile data between client business data and third-party processor data); and 3) cash and reconciliation dashboard (includes case management, exception handling, and cash monitoring).

Key customers and partnerships

The company had a customer base spanning several industries, including marketplaces, healthcare, education, real estate, and financial services, such as Gusto, Navan, Revolut, and Marqeta. 

Funding and financials

Modern Treasury’s annualized revenue was reportedly in the “high single-digit millions” as of March 2022, as the monthly volume of payments handled by the platform reached USD 2.8 billion by February 2022 (from less than USD 1 billion in the beginning of 2021).  

The company raised a USD 50 million extension to its Series C funding round in March 2022, co-led by Salesforce Ventures and SVB Capital. The funding valued the company at over USD 2 billion and brought its Series C funding total to USD 135 million. The newly raised funds were earmarked to expand the business operations and reach.