23 January 2024

ModernFi Raises $18.7M to Boost Bank Deposits Amidst Industry Shifts

ModernFi has secured an $18.7M Series A funding round to provide community and regional banks with advanced deposit management capabilities in the wake of recent bank collapses.

Fintech Innovator ModernFi Raises $18.7M Series A

ModernFi, a fintech startup offering end-to-end deposit management solutions for banks, has secured an $18.7 million Series A funding round led by Canapi Ventures. This milestone comes in the wake of banking industry upheavals, such as the Silicon Valley Bank collapse, positioning ModernFi as a vital service for community and regional banks striving to expand and manage their deposit bases.

Addressing Banking Challenges

Founded in 2022, ModernFi provides a robust deposit network that empowers banks to efficiently source deposits, sweep funds, and enhance depositor security. The company's growth is especially significant in light of recent challenges faced by smaller financial institutions, marked by aggressive deposit runoff and industry collapses.

Investing in Growth and Technology

The latest funding will fuel ModernFi's continued growth, focusing on engineering, compliance, and the development of new products such as API integrations and advanced analytics to support banking operations fully. The fintech startup has already experienced a successful year with significant growth in headcount, client institutions, and an undisclosed rise in earnings.

ModernFi, banking, funding round, deposit management, Silicon Valley Bank, community banks, regional banks, deposit network, Fintech, SVB collapse, Series A funding

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