Salesforce-backed 'paytech' firm Modern Treasury acquires Beam stablecoin startup for $40 million: Fortune
Quick Take
- Beam’s tech could help Modern Treasury rival Stripe and Coinbase in instant, programmable dollar payments.
- Beam, which offers software for banks and corporations to adopt stablecoins, was last valued at around $44 million.
Modern Treasury, a late-stage “paytech” startup, has acquired stablecoin infrastructure project Beam for $40 million, according to Fortune. The deal, reportedly to be completed in an all-stock transaction, represents a major step for Modern Treasury, which traditionally focused on simplifying payment rails like ACH since its founding in 2018.
Beam, founded in 2022, is a software development firm building a plug-and-play solution for banks and corporations to adopt stablecoins. The project has raised an estimated $14 million and was last valued at around $44 million.
The acquisition is part of a growing trend of fintech companies looking to absorb stablecoin talent and tools. Most notably, Stripe, one of the most valuable private firms to date, acquired stablecoin startup Bridge for $1.1 billion in late 2024 and is now working to develop a stablecoin-focused Layer 1, Tempo.
Also of note, Coinbase and Mastercard appear to be locked in a multi-billion-dollar bidding race to purchase stablecoin firm BVNK.
This surge of interest in stablecoins among fintechs comes in the wake of the U.S. GENIUS Act being signed into law in July, establishing a formal set of rules for dollar-pegged tokens. Earlier in June, USDC issuer Circle Internet Group completed one of the year’s most successful initial public offerings on the NYSE, further juicing excitement around the asset class.
According to Fortune Beam founder Dan Mottice will join Modern Treasury to help lead stablecoin adoption.
This summer, Beam joined the Global Dollar Network consortium co-founded by Paxos, Robinhood, Kraken, Anchorage Digital, Galaxy Digital, Bullish, and Nuvei that is building the USDG stablecoin.
Modern Treasury has raised at least $183 million in total, including from notable investors like SVB Capital and Salesforce Ventures. It was last valued at more than $2 billion.
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