ModernFi raised $18.7 million, boosting its total to $23.2 million.
Canapi Ventures led the round, which ModernFi will use to market its platform to community and regional banks.
ModernFi’s API-driven deposit network helps banks raise, maintain, and manage their deposits.
API-driven deposit network ModernFi boosted its funding total to $23.2 million today after landing $18.7 million in Series A funding. The company will use the funds to market its platform to community and regional banks.
Canapi Ventures led the round, with participation from Andreessen Horowitz and Remarkable Ventures. Three banks, including Huntington National Bank, First Horizon, and Regions, also contributed.
ModernFi’s deposit growth solutions offer an API-driven approach that helps financial institutions efficiently raise and manage deposits. The company helps banks identify and entice potential depositors using personalized marketing campaigns, easy onboarding experiences, competitive interest rates, flexible account options, and by offering depositors extended insurance.
The company reduces reliance on manual processes and built its deposit network on a modern tech stack, which reduces friction for end users and facilitates integration for banks.
Today’s high interest rate environment, combined with the shift toward real-time money movement in the U.S., have changed both the speed and stability of consumer deposits. These factors, combined with increased regulatory scrutiny on liquidity and funding, have required financial institutions to change how they manage their deposits. “Deposit management is a key priority for the banking sector right now,” explained First Horizon Bank Director of Transformation – Fintech & Emerging Technology Tyler Craft. “ModernFi’s technology to streamline onboarding and operations for depositors and banks provides an innovative additional way for our industry to serve clients.”
“Community and regional banks form the foundation of the American economy, providing an outsized amount of credit and banking services to critical industries and areas that might otherwise be overlooked,” said ModernFi CEO and Cofounder Paolo Bertolotti. “Faced with fundamental shifts in the behavior of deposits, institutions benefit from modern tools to manage and grow their funding. ModernFi has been privileged to help institutions of all sizes protect their deposit base, and the team looks forward to continuing its support of the sector.”
Bertolotti and his co-founder Adam DeVita founded ModernFi in 2022.
Photo by Monstera Production
