Enterprise software provider Salesforce helped provide a $50m extension to the series C round for Modern Treasury, a US-based developer of a business-to-business payment software, on Wednesday, boosting it to $135m.
Silicon Valley Bank’s SVB Capital subsidiary, Artisanal Ventures and NewView Capital filled out the round, with Salesforce investing through its Salesforce Ventures unit. The $85m first tranche was led by Altimeter Capital in October 2021 and included Benchmark, Quiet Capital and unnamed existing investors.
Modern Treasury provides software and application programming interfaces that automate payment operations from initiation through the approval and reconciliation processes, to speed up payments and reduce their rate of failure.
The company claims its customers currently reconcile over $2.8bn per month on the platform, almost triple the $1bn per month recorded just a year ago.
Altimeter had previously led Modern Treasury’s $38m series B round in January 2021 with backing from Benchmark and Y Combinator, after Benchmark had led its $10m series A in 2019.
Dimitri Dadiomov, Modern Treasury’s CEO, said: “By adding the leading bank for startups and the number one [customer relationship management] platform in the world to our list of partners and investors, we will continue to expand our relationships with enterprises that want to modernise money movement as well as the banks that support the world’s most innovative companies.
“Salesforce Ventures and SVB Capital have deep roots in the innovation ecosystem and will be enduring and invaluable partners for Modern Treasury’s future growth.”
