ModernFi Raises $30 Million Series B to Expand Deposit Management Technology

ModernFi Raises $30 Million Series B to Expand Deposit Management Technology

New York-based fintech ModernFi has raised $30 million in a Series B funding round to expand its deposit management technology for community and regional financial institutions across the United States.

The round was led by existing investor Canapi Ventures, with participation from Andreessen Horowitz, Curql, Remarkable Ventures, and new backer Intercontinental Exchange. With this raise, ModernFi has now secured more than $60 million in total funding, following its $4.5 million seed and $18.7 million Series A, both also led by Canapi Ventures.

Helping Financial Institutions Manage Deposits More Efficiently

Founded in 2022, ModernFi operates a deposit network that connects banks and credit unions, enabling them to:

• Reciprocate, source, and sweep deposits
  
• Offer extended deposit insurance across multiple institutions
  
• Manage liquidity needs more effectively
  
• Optimize balance sheets for growth and resilience
  

The fintech also offers a term funding module that gives institutions access to wholesale funding via certificate of deposit (CD) brokers. Another tool, the prospect finder, helps banks identify potential deposit relationships based on factors like location, industry, and business size.

What the New Funding Will Be Used For

According to the company, the Series B funds will accelerate adoption among financial institutions, while also supporting team expansion and deeper integrations with digital banking and core providers.

By strengthening its technology and reach, ModernFi aims to help community and regional financial institutions remain competitive in a rapidly evolving financial services landscape.

TechCity