US-based payment operations software provider Modern Treasury has raked in $38m in a Series B funding round to enable faster B2B payments.

The funding round was led by Altimeter Capital, who was joined by existing backers Benchmark and Y Combinator.

The latest round brings the total amount raised by the company to date to $48m.

The company will use the fresh capital to expand its suite of tools offered to finance teams in sectors including healthcare, real estate, financial services, and marketplaces.

The latest investment comes amid the growing demand for payment operations and treasury management solutions of Modern Treasury.

Modern Treasury enables companies to close books instantly with its Continuous Accounting solution.

It offers a single platform to manage banking and payments and provides complete cash visibility to its clients.

Modern Treasury’s software automates each step of the process and allows companies to use API to connect with banks. Additionally, the company enables real-time payments (RTP).

Last year, Modern Treasury’s customers completed $1bn of payments reconciliation using its platform.

Modern Treasury co-founder and CEO Dimitri Dadiomov said: “Finance is at the heart of any company’s success, especially in times of rapid change.

“This funding will enable us to help more companies, both large and small, modernise their finance function, and reconcile the next billion dollars in payments.”

Benchmark general partner and Modern Treasury board member Chetan Puttagunta said: “We see enormous potential, as well as enormous markets, for innovation in B2B payments.

“Companies need new tools to upgrade these behind-the-scenes processes to increase speed, efficiency, and accounting ease, and to have more insight into finances to inform better decision making.”

Altimeter Capital partner Ram Woo said: “Modern Treasury empowers CFOs, finance teams, and developers to make effective, automated, real-time decisions to manage the lifeblood of every business — money movement.”