ModernFi has secured $30 million in Series B funding to expand its deposit management infrastructure for community and regional financial institutions. The round was led by Canapi Ventures and included participation from Andreessen Horowitz, Curql, Remarkable Ventures, and Intercontinental Exchange. This latest investment brings ModernFi’s total capital raised to more than $60 million and highlights growing support for its role as foundational technology in the post-2023 banking environment.
ModernFi’s platform enables banks and credit unions to source and manage large deposits efficiently while offering additional protection to customers. By integrating directly into a financial institution’s core systems and digital channels, ModernFi replaces manual workflows with automated tools that improve liquidity access, streamline balance sheet management, and reduce operational burden.
Two institution-governed deposit networks power ModernFi’s service offerings. The National Bank InterDeposit Company (NBID), launched in early 2025, now encompasses banks representing over 40 percent of the reciprocal deposit market. ModernFi CUSO, introduced in 2024, has grown to include more than 75 leading credit unions. Both networks enable members to sweep and protect deposits at scale without relying on traditional correspondent banking arrangements.
The company’s technology addresses critical needs exposed by last year’s banking disruptions. By giving community banks and credit unions real-time visibility and control over their deposit flows, ModernFi strengthens resilience across the financial system and helps local institutions compete against larger players.
How the funding will be used: The funds from the Series B will advance ModernFi’s rollout across new banking partners, expand its engineering and customer success teams, and deepen integrations with core banking and digital experience providers. The company plans to broaden its product suite with advanced analytics and further automate network operations to support continued growth.
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
“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
“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
