Fintech startup Modern Treasury has brought on two Silicon Valley heavyweights as new partners in a bid to expand its business into the enterprise
... [+]. The venture arms of Salesforce and Silicon Valley Bank’s holding company each put about $25 million into the San Francisco-based startup, which makes software to help companies manage cash flow and bank payments.
Cofounder and CEO Dimitri Dadiomov is not counting this fresh capital as a new funding round, but rather as the second portion of a Series C financing that initially raised $85 million in October from all existing investors, including Altimeter, Benchmark and Quiet Capital. Modern Treasury was valued at $2.1 billion at that time.
Dadiomov cofounded the company with Sam Aarons and Matt Marcus in 2018. Aarons, the chief technology officer, and Marcus, the chief product officer, were’ 30 Under 30 list for Finance in 2022. The founders met while working together at real estate lending company LendingHome, where they oversaw clunky financial transactions, like having to pay for a mortgage over wire or a paper check instead of a credit card.
The startup has seen substantial growth since the close of the first tranche of capital in October, according to Dadiomov. Head count increased to 115 employees from 60, prompting the company to open new offices in San Francisco and New York after a period of fully remote operations. The company’s software, which automates the funneling of money into and out of company bank accounts, moved $2.
That translates to annualized revenue in the “high single-digit millions” for Modern Treasury, Dadiomov says . So far, “next to zero” of its business has come from enterprise companies, he notes. “It’s basically all mid-market.” The company first hired its first account executive in April 2021 and now has a team of ten salespeople.
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