Modern Treasury Seeks to Disrupt Payment Operations Space, Raises Series C Round
Posted on 10/08/2021
Modern Treasury Corp. is a San Francisco-based provider of payment operations software. Modern Treasury raised US$ 85 million in a Series C round that was led by Altimeter Capital led, and was joined by insiders Benchmark and Quiet Capital. In January 2021, Modern Treasury raised US$ 38 million in Series B funding that was led by Altimeter Capital and joined by return backers Benchmark and YC (Y Combinator). Modern Treasury continues to build out there team and hired a new head of engineering from Facebook’s WhatsApp – Shruthi Murthy.
From their website, “Examples of Third-Party Senders and Third-Party Service Providers
As this post has described, a third-party sender sits in the flow of money. In payments, we sometimes call this type of business a processor, such as Stripe or Dwolla. Accounts Payable software providers, such as Tipalti and Bill.com, are also third-party senders.
An example of a third-party service provider would be Modern Treasury. We connect with our clients’ bank accounts to automate the movement of money, but funds never touch Modern Treasury-owned bank accounts.”
Link: https://www.moderntreasury.com/journal/the-difference-between-a-third-party-sender-and-a-third-party-service-provider-in-payments