US payments infrastructure firm Modern Treasury has acquired paytech start-up Beam to expand its global instant payments services with stablecoin rails.
Fortune reports that the acquisition is an all-stock deal valued at around $40 million, citing a source familiar with the matter.
Based in San Francisco and founded in 2022 by CEO Dan Mottice, Beam is a stablecoin-based payment service provider (PSP). It offers a stablecoin and fiat payments platform built to enable customers to make real-time payments in both digital and traditional currencies.
The deal will see Mottice, former crypto product lead at Visa, join Modern Treasury as Head of Beam.
Modern Treasury, which counts the likes of BMO and Goldman Sachs among its roster of partners, says that with the “addition of Beam’s technology and team, Modern Treasury’s money movement platform now spans both traditional and stablecoin settlement rails”.
The fintech adds: “For companies building payments into products, the platform will support real-time payments via stablecoins, Push-to-Card, and traditional rails like RTP and FedNow, as well as traditional rails like ACH and wires. This will be offered in a single API.”
The addition of Beam’s tech will enable instant payouts and “more efficient treasury operations without needing to stitch together multiple providers”, the company says, adding that Beam customers “will see no interruption in service” with the acquisition.
Source: https://www.fintechfutures.com/
