ModernFi, a leader in innovative deposit management technology, announced that it has secured $30 million in Series B funding. This round was led by Canapi Ventures, with participation from notable investors such as Andreessen Horowitz, Curql, Remarkable Ventures, and the new investor Intercontinental Exchange. With this latest investment, ModernFi’s total funding has now surpassed $60 million, reflecting the increasing confidence and recognition from institutions about its vital role in ensuring deposit stability and liquidity management in the evolving banking landscape following 2023.
ModernFi’s mission is to empower financial institutions of all sizes to foster growth in deposits and strengthen their relationships with customers and members. The company’s deposit networks enable banks and credit unions to source funds more effectively, better manage their balance sheets, and provide additional security to their depositors. As the banking environment continues to change rapidly, ModernFi has established itself as a dependable infrastructure partner committed to helping banks and credit unions build long-term resilience and accelerate deposit growth.
The technology developed by ModernFi seamlessly integrates into the core systems and digital channels of financial institutions, enabling them and their customers to manage funds through transparent and automated self-service portals. This platform replaces outdated, cumbersome workflows with a smooth, embedded solution that helps institutions protect large deposits, improve access to liquidity, and reduce operational burdens.
Through its innovative approach, ModernFi has created two distinct deposit networks that are owned and governed by financial institutions themselves. The first, the National Bank InterDeposit Company, was launched in 2025 in collaboration with a group of participating banks. It now includes banks representing more than 40 percent of the existing reciprocal deposit market, signifying a significant shift in how banks collaborate to manage deposits efficiently.
The second network, ModernFi CUSO, was introduced in 2024 specifically for credit unions. It has quickly grown to serve more than 75 leading credit unions across the country, offering a new way for these institutions to safeguard and manage their deposits at a larger scale.
How the funding will be used: The additional funding will enable ModernFi to expand its reach further across the financial sector. The company plans to accelerate adoption among more institutions, grow its team to support increased demand, and deepen its integrations with digital banking platforms and core banking providers. Moreover, ModernFi intends to bolster its customer success teams to ensure that more institutions can navigate and leverage its technology effectively, supporting their long-term growth and stability in an ever-changing banking environment.
KEY QUOTES:
“Community and regional financial institutions are the engine of the American economy, providing businesses with credit to grow and individuals with a safe place to keep their life savings. Our job at ModernFi is to support the scale and diversity of the American banking landscape so that institutions of all sizes can continue to grow and compete. ModernFi has brought modern technology and better alignment to our partner institutions, providing ownership, transparency, and control over their critical deposit infrastructure. We are grateful for the continued trust of our partners and backers, and we look forward to contributing to their success.”
Paolo Bertolotti, CEO and Cofounder of ModernFi
“More than two decades ago, ICE began building a global network of exchanges, data and market infrastructure solutions, all with the vision to make markets more transparent and accessible and provide the data and tools to help customers manage risk. ICE has since become a leading operator of data and technology across asset classes, interacting with the full spectrum of the global banking system. Our shared focus on fostering the success and resiliency of global markets means we are excited to invest in ModernFi and be part of their journey of growth.”
Ben Jackson, President of ICE
“Community financial institutions are vital to the American economy – they serve the distinct needs of local communities, families, and small businesses. But the events of 2023 made clear how fragile their position can be without modern infrastructure. We believe ModernFi is providing these institutions with the tools they need to compete and flourish in today’s environment. By enabling regional banks to access and control critical deposit infrastructure through initiatives like NBID, ModernFi is strengthening the competitive fabric of our financial system and ensuring that smaller institutions aren’t left behind.”
David Haber, General Partner at Andreessen Horowitz
“Over the past 20 years, deposit networks have grown to become a vital service for community and regional institutions, allowing them to remain competitive and thrive. I’ve long believed that when institutions have alignment with their systemically important infrastructure, the entire system is stronger. ModernFi is executing on that vision with impressive speed and discipline. This Series B shows just how much trust they’ve earned and how central they’re becoming to the future of American banking.”
Gene Ludwig, Managing Partner and Founder of Canapi Ventures, former Comptroller of the Currency, and Founder of Ludwig Advisors and Promontory Financial Group
