ModernFi, a tech-enabled financial services company, has raised $18.7 million in a Series A funding round led by Canapi Ventures. The funding, which brings ModernFi’s total raised to over $23 million, will help bring the company’s platform to community and regional banks.
As deposit behavior has fundamentally changed due to factors like higher interest rates, ModernFi aims to equip institutions of all sizes with modern tools to manage and grow their funding. The company operates a deposit network that allows banks to grow and manage their deposit base by sweeping funds, sourcing deposits and providing extended insurance to depositors.
ModernFi’s platform aims to help banks thrive in a competitive banking landscape by attracting and retaining clients that might otherwise go to larger institutions or leave the banking sector entirely. Its solution is built on a tech stack that works to eliminate friction for depositors and remove the operational burden for banks.
