(Bloomberg) — Payments software provider Modern Treasury said it’s valued at more than $2 billion after a funding round led by Altimeter Capital.
The $85 million investment also included existing investors Benchmark and Quiet Capital, giving the San Francisco-based startup a big jump in its valuation. Modern Treasury was valued at around $300 million at the beginning of the year, according to co-founder and Chief Executive Officer Dimitri Dadiomov.
Modern Treasury’s software helps improve the efficiency of bank transfers, especially between companies. The software helps finance and treasury teams automate the payment process from payment initiation through approvals. The company works with businesses in sectors including financial services, real estate, health care and education.
“Connecting into the banking system has been difficult for a long time,” Dadiomov said in an interview. “It’s been a sleepier part of the economy, but it’s how the majority of the economy really moves.”
Ram Woo, an Altimeter Capital partner, said he invested because of the startup’s rapid growth. The new capital will help it grow as quickly as clients are willing to sign up, he said.
“It’s making sure we can scale the company to meet the needs of customers,” Woo said.
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