Modern Treasury, a payments infrastructure company valued at $2.1 billion, has acquired the stablecoin startup Beam, the companies announced Wednesday. The acquisition was an all-stock transaction worth about $40 million, according to a source familiar with the deal, who asked to remain anonymous while discussing private business discussions.
Founded in 2022, Beam provides banks and other corporations with software to send and receive stablecoins, or cryptocurrencies pegged to underlying assets like the U.S. dollar. Modern Treasury, first incubated in the summer 2018 cohort of Y Combinator, pitches itself as a one-stop shop for corporations to handle money movement.
