New York-headquartered fintech ModernFi has secured $30 million in a Series B funding round, earmarked to expand its deposit management technology services for community and regional financial institutions in the US.
Existing backer Canapi Ventures led the investment round, which also included participation from Andreessen Horowitz, Curql, Remarkable Ventures, and new investor Intercontinental Exchange. In addition to its $4.5 million seed round and $18.7 million Series A, also led by Canapi Ventures, ModernFi’s total funding to date has now reached over $60 million.
Founded in 2022, ModernFi operates a deposit network that connects financial institutions and enables them to reciprocate, source, and sweep deposits. The network enables banks and credit unions to provide extended deposit insurance across multiple institutions, manage liquidity needs, and optimise their balance sheets.
The fintech also offers a term funding module to provide financial institutions with access to wholesale funding options through certificates of deposit brokers, as well as a prospect finder tool for identifying potential deposit relationships based on various criteria, such as location, industry, and size.
In a statement, ModernFi says its Series B funds will be used to “accelerate adoption across financial institutions, expand its team, and deepen integrations with digital banking and core providers”.
Source: https://www.fintechfutures.com/
