ModernFi, a provider of deposit management technology, has raised USD 30 million in Series B funding to support banks and credit unions worldwide with banking infrastructure.
Led by Canapi Ventures, with participation from Andreessen Horowitz, Curql, Remarkable Ventures, and new investor Intercontinental Exchange, Inc. (NYSE: ICE), the round offers ModernFi a total funding of over $60 million. This investment underscores ModernFi's role as a foundation for deposit stability and liquidity management in the post-2023 banking landscape.
ModernFi enables financial institutions of all sizes to increase deposits and strengthen customer or member relationships. Through ModernFi’s deposit networks, banks and credit unions can source funds, manage balance sheet size, and provide additional security to depositors. Its technology integrates directly into the core and digital experience of financial institutions, enabling them and their depositors to manage funds through self-service, transparent, and automated tools.
The platform updates outdated workflows with an integrated, optimal solution, helping institutions protect large deposits, optimise liquidity access, and lower operational burdens.
Through this technology, ModernFi optimises two purpose-built, institution-owned, and governed deposit networks that enhance how financial institutions can manage and protect deposits at scale.
- The National Bank InterDeposit Company (NBID) launched in 2025 in collaboration with participating banks;
- ModernFi CUSO, a network for credit unions, launched in 2025.
With the new funding, ModernFi aims to accelerate adoption across financial institutions, expand its team, and optimise integration with digital banking and core providers. The company will also continue to expand its institutional teams to support the growth of new partners.
Other news from ModernFi
In 2024, ModernFi integrated with the Q2 digital banking platform, aiding in deposit growth, retention, and management. This integration of sweep and reciprocal programmes into digital banking reduced friction for depositors and bank teams, promoting industry-wide adoption. ModernFi’s integration with the Q2 Digital Banking Platform offered an optimal, non-rate solution for financial institutions to grow deposits and bolster the strength of their balance sheets, a top concern for both banks and credit unions.
