ModernFi lands $18.7m Series A funding to boost deposit network expansion
ModernFi, a US-based fintech providing deposit management and growth services to banks, has raised $18.7 million through a Series A funding round.
US fintech ModernFi raises $18.7m Series A funding
The round was led by Canapi Ventures with participation from Andreessen Horowitz, Remarkable Ventures, Huntington National Bank, First Horizon and Regions Bank. It builds on the fintech’s earlier seed round last February, when it bagged $4.5 million, and brings its total funding raised to over $23 million.
Founded in 2022 and headquartered in New York City, ModernFi operates a deposit network which it claims enables community and regional banks to “grow, retain and manage” their deposit base.
The company says its services enable the sourcing of deposits and the sweeping of excess funds by connecting banks with high-value depositors, while it also provides extended insurance for depositors through programme banks.
Describing community and regional banks as foundational to the US economy for their provision of credit and banking services to the financially overlooked, Paolo Bertolotti, CEO and co-founder of ModernFi, says the fintech will apply its latest round of funding to “continuing its support of the sector”.
Following its seed round last year, the company announced new additions to its advisory board in March, including Helix by Q2 general manager Ahon Sarkar and MoVi Partners founder John Horner. It followed this by sealing a partnership with Mid-Size Bank Coalition of America (MBCA) in August to extend its deposit network and services to the coalition’s members.
