Modern Treasury

Payment operations platform providing APIs and web applications for businesses to automate money movement across ACH, wire, RTP, FedNow, and real-time ledgers. Valued at $2B+. $183M raised from Benchmark, Altimeter. Integrates across all major US payment rails. ISO 20022 native.

Modern Treasury defines the payment operations layer that abstracts away payment rail complexity—critical infrastructure as companies add RTP, FedNow, and stablecoin rails.

moderntreasury.com Payment Operations

United Statesprivate

At a glance

Total raised

$183.1M

last round series c

Headcount

51-200

approximate · public range

Headquarters

San Francisco

United States

Founded

2018

8 years active

Status

Private

Payment Operations

Subsector

Payment Operations

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Funding history

Total raised

$183.1M

Rounds tracked

Latest stage

Series C

Date	Stage	Amount	Valuation	Lead investors
Mar 29, 2022	Series C	$50M	—	SVB Capital, Salesforce Ventures
Oct 6, 2021	Series C	$85M	$2B	Altimeter Capital
Jan 12, 2021	Series B	$38M	—	Altimeter Capital
Dec 19, 2019	Series A	$10M	—	Benchmark
Aug 21, 2018	Pre-Seed	$125K	—	Y Combinator, Liquid 2 Ventures

Founder backgrounds

Dimitri Dadiomov

Co-Founder & President

Co-founded Modern Treasury in 2018 (Y Combinator W18). Previously a product manager at Stripe working on payments infrastructure including Stripe Connect, and before that was employee #1 and first product manager at Addepar, the wealth management platform. Also served as a forward deployed engineer at Palantir Technologies. Holds a B.S. in Computer Science from Yale University. His career across Palantir, Addepar, and Stripe gave him a ground-level view of how broken payment operations are for companies moving money at scale — directly informing Modern Treasury's API-first approach to automating ACH, wire, and real-time payment rails.

Sam Aarons

Co-Founder & CTO

Previously a software engineer at Stripe, where work on payments infrastructure shaped the thesis behind Modern Treasury. Before Stripe, held engineering roles at Palantir Technologies. Studied computer science at Stanford University. Co-founded Modern Treasury out of Y Combinator's S18 batch alongside Dimitri Dadiomov and Matt Hanger.

AI bull / bear

Bull case

Modern Treasury is building the definitive orchestration layer at exactly the moment the US payments grid fractures. The launch of Payments — a single-API provider spanning ACH, wire, RTP, FedNow, push-to-card, and stablecoin rails — solves the fragmentation problem that will only intensify as real-time networks gain adoption and stablecoin settlement moves from experiment to infrastructure. Being ISO 20022 native from inception is a genuine moat: as banks and corporates migrate to richer messaging standards, Modern Treasury's ledger and reconciliation logic already speaks the language, while legacy platforms retrofit. The stablecoin orchestration thesis is particularly well-timed. As the interview with Matt Marcus and Matt Janiga indicates, the company is positioning itself not as a crypto play but as rails-agnostic infrastructure — the same thesis that made it indispensable for ACH and wire now extends to USDC and USDT settlement. With $183 million from Benchmark and Altimeter, the company has the balance sheet to ride out adoption curves. If enterprises need to move money across six or eight rails in five years, Modern Treasury's abstraction is the obvious answer.

Bear case

Modern Treasury's new Payments offering signals an uncomfortable strategic pivot: the company is now a payment service provider competing directly with Stripe, Adyen, and Block, all of whom possess vastly larger distribution networks, merchant relationships, and capital reserves. The "single API" narrative is compelling, but every major processor is racing toward the same unified abstraction — and they already own the merchant. The three-year silence since the March 2022 Series C is hard to ignore. In a sector where competitors raise every 18 to 24 months, the absence of a new round at the $2 billion valuation raises legitimate questions about growth trajectory. Payment operations remains a tooling category that enterprises often prefer to build in-house or source from their existing banking partners rather than a standalone vendor. Stablecoin orchestration is a clever narrative but a thin revenue stream today. Enterprise adoption of on-chain settlement remains speculative, and regulatory hostility — or simply indifference — could strand that roadmap. Meanwhile, real-time payment networks like FedNow and RTP are seeing slower-than-expected corporate uptake, compressing the near-term TAM that Modern Treasury's valuation implies.

Generated by deepseek-v4-pro · May 2, 2026Refreshes quarterly · see disclosures

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Leadership

Dimitri Dadiomov

Co-Founder & President

Matt Marcus

Co-Founder & CEO

—

Sam Aarons

Co-Founder & CTO

—

Products

Payment Operations Platform
Modern Treasury's core product is a comprehensive payment operations platform that automates the full cycle of business money movement. It combines a suite of APIs and dashboards to give enterprises the ability to initiate, track, approve, and reconcile payments across ACH, wire, RTP, FedNow, and check rails. The platform provides real-time visibility into cash flow, automates reconciliation, and integrates with major banks, enabling finance teams to reduce manual errors and close books faster.
Payments (PSP)
Launched in February 2026, Payments is Modern Treasury's integrated payment service provider (PSP) that helps companies build modern money movement experiences. It accelerates startups and product teams that need to embed both fiat and stablecoin payments into their products. The PSP leverages Modern Treasury's banking, blockchain, and compliance infrastructure so companies can get to market faster with a single API for all payment types, scaling as they grow.
Ledgers
Modern Treasury's real-time ledgering product enables businesses to track balances, transactions, and journal entries with sub-ledger accuracy. It provides a real-time, double-entry accounting layer that sits alongside payment flows, giving companies full data visibility and audit trails for every transaction. This product is designed for businesses that need to manage complex payment operations at scale with precise financial tracking.

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