Adrian JohnsonFintech company ModernFi has raised $18.7m in a funding round led by Canapi Ventures. The funding will allow ModernFi to bring its tech-forward platform to community and regional banks to help them manage their deposits. The platform helps banks attract and retain clients by offering modern tools and solutions for deposit management. ModernFi’s deposit network streamlines onboarding and operations for banks and their clients, while also providing extended insurance to depositors. The funding round also included participation from Andreessen Horowitz, Remarkable Ventures, Huntington National Bank, First Horizon, and Regions.
Institutions have been seeking innovative alternatives to traditional banking options to drive deposits, especially as interest rates increase and the sector experiences stress. Community and regional banks play a vital role in the American economy and need access to modern tools to manage and grow their funding, which is where ModernFi comes in. The company’s platform has already established itself as the leading tech-enabled deposit network in the US. ModernFi’s network is built on a modern tech stack, eliminating the friction for depositors and removing the operational burden for financial institutions.
The ModernFi team is excited to help institutions of all sizes protect their deposit base in an increasingly competitive landscape. The company’s solutions allow financial institutions to attract and retain large-value depositors, driving growth and increasing balance sheet stability. The team looks forward to continuing its support of the banking sector.
