ModernFi Raises $30M Series B to Expand Deposit Management Platform for Financial Institutions
ModernFi, a fintech company specializing in deposit management solutions for financial institutions, has secured $30 million in a Series B funding round. The round was led by Canapi Ventures, with participation from Andreessen Horowitz, Curql, Remarkable Ventures, and new investor Intercontinental Exchange (NYSE: ICE). This investment brings ModernFi’s total funding to over $60 million, highlighting growing institutional recognition of its role in deposit stability and liquidity management in the evolving banking landscape.
Founded in 2022, ModernFi operates a deposit network that connects financial institutions, enabling them to reciprocate, source, and sweep deposits. The platform allows banks and credit unions to provide extended deposit insurance across multiple institutions, manage liquidity needs, and optimize their balance sheets. ModernFi’s technology integrates directly into the core and digital experience of financial institutions, enabling them and their depositors to manage funds through self-service, transparent, and automated tools.
The Series B funds will be used to accelerate adoption across financial institutions, expand the team, and deepen integrations with digital banking and core providers. ModernFi aims to support the growth and competitiveness of banks and credit unions nationwide by providing modern technology and better alignment to partner institutions, offering ownership, transparency, and control over their critical deposit infrastructure.
In a rapidly shifting banking environment, ModernFi has emerged as a trusted infrastructure partner for banks and credit unions focused on long-term resilience and deposit growth. The company’s mission is to support the scale and diversity of the American banking landscape so that institutions of all sizes can continue to grow and compete.
With the backing of prominent investors and a strong foundation in deposit management technology, ModernFi is well-positioned to lead the way in transforming deposit management for financial institutions. As the company continues to expand its platform and services, it aims to empower organizations to unlock the full potential of their deposit operations and drive meaningful business outcomes.
