ModernFi recently announced the completion of a $30 million Series B funding round, significantly bolstering its mission to serve as foundational infrastructure for banks and credit unions across the United States. This latest round, led by Canapi Ventures and supporting participation from prominent investors such as Andreessen Horowitz, Curql, Remarkable Ventures, and new investor Intercontinental Exchange (ICE), brings the company's total funding to more than $60 million.
"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," said Paolo Bertolotti, CEO and Cofounder of ModernFi. As he elaborated, the company's role is to support the diverse banking landscape in America, emphasizing that the technology offers flexibility and innovation for all types of institutions.
The growing investment reflects a broader institutional acknowledgment of ModernFi's pivotal role in ensuring deposit stability and facilitating effective liquidity management in the evolving banking sector. As Bertolotti noted, "ModernFi has brought modern technology and better alignment to our partner institutions, providing ownership, transparency, and control over their critical deposit infrastructure."
Ben Jackson, President of ICE, expressed his organization's enthusiasm for ModernFi's progress, noting, "More than two decades ago, ICE began building a global network of exchanges, data, and market infrastructure solutions... 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."
At the core of ModernFi's offerings is technology designed to enhance the operational capabilities of financial institutions, enabling them to better manage deposits. This includes integrating their solutions directly into the operations of banks and credit unions to create a self-service, transparent experience for depositors. By replacing outdated workflows, the platform alleviates the operational burden on institutions while enhancing liquidity access.
Importantly, ModernFi has rolled out two specialized deposit networks aimed at transforming the way institutions manage deposits. The first is the ModernFi CUSO, a unique network for credit unions that launched last year and has already garnered participation from over 75 leading credit unions. The second network, the National Bank InterDeposit Company (NBID), was introduced in 2025 and has quickly expanded to include banks that represent over 40% of the existing reciprocal deposit market.
Gene Ludwig, Managing Partner and Founder of Canapi Ventures, highlighted the importance of deposit networks for community and regional institutions. "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," he commented. Ludwig’s insights bring attention to the crucial role that ModernFi plays through its innovative solutions.
This successful round of funding underscores a significant shift in the financial services landscape, where technology companies like ModernFi are creating the infrastructure necessary for banks to adapt to changing economic conditions. As the banking environment continues to evolve, institutions are increasingly reliant on strategic partnerships with technology providers to navigate the complexities of deposit management and enhance their operational resilience.
With a strong base of support from key investors and a commitment to innovation, ModernFi stands poised for lasting impact in the U.S. banking system. The company's efforts to modernize deposit management for financial institutions could redefine how banks and credit unions engage with their customers and protect their assets in the years to come. As the company takes these vital steps forward, the financial community will be watching closely for further developments and improvements in deposit infrastructure.