Payments company Modern Treasury acquires stablecoin startup Beam for $40 million

According to Foresight News, Modern Treasury, a payments infrastructure company valued at $2.1 billion, has acquired stablecoin startup Beam, Fortune reported. The acquisition is an all-stock deal valued at about $40 million, sources said. As part of the deal, the Beam founder will join Modern Treasury and help lead the company’s expansion into stablecoin payments. Founded in 2022, Beam provides banks and other businesses with software for sending and receiving stablecoins, or cryptocurrencies that are pegged to an underlying asset such as the U.S. dollar.

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