U.S. Banking System Infrastructure Firm, ModernFi, Secures $30 Million in Series B Funding, Boosting Its Solidified Foundation

ModernFi Secures $30 Million Series B Funding to Strengthen American Financial System

In a significant move for the American financial landscape, ModernFi, a leading technology provider for deposit management, has announced a $30 million Series B funding round. The investment will accelerate ModernFi's growth, deepen integrations with digital banking and core providers, and expand its team to support more financial institutions.

David Haber, General Partner at Andreessen Horowitz, emphasizes the importance of community financial institutions in the American economy. These institutions cater to the unique needs of local communities, families, and small businesses, and ModernFi's technology is providing them with the tools they need to compete and flourish in today's environment.

ModernFi's technology integrates directly into the core and digital experience of financial institutions. It replaces outdated workflows with a seamless, embedded solution, helping institutions protect large deposits, improve liquidity access, and reduce operational burden.

Paolo Bertolotti, CEO and Cofounder of ModernFi, stated that ModernFi supports the scale and diversity of the American banking landscape. The platform has already made a significant impact, with the ModernFi CUSO deposit network for credit unions launching in 2024 and now serving more than 75 leading credit unions in the country. Among these are prominent institutions such as Alliant Credit Union, Affinity Federal Credit Union, and Wings Financial Credit Union.

The National Bank InterDeposit Company (NBID), a deposit network launched in 2025 in collaboration with participating banks, now includes banks representing more than 40 percent of the existing reciprocal deposit market. This growth underscores ModernFi's central role in the future of American banking.

The funding round was led by Canapi Ventures, with participation from Andreessen Horowitz, Curql, Remarkable Ventures, and Intercontinental Exchange, Inc. (NYSE: ICE). Gene Ludwig, Managing Partner and Founder of Canapi Ventures, commented on ModernFi's execution of a vision for deposit networks with impressive speed and discipline. Ben Jackson, President of ICE, stated that ICE shares ModernFi's focus on fostering the success and resilience of global markets.

ModernFi's technology is strengthening the competitive fabric of the financial system, ensuring that smaller institutions aren't left behind. It empowers financial institutions of all sizes to grow deposits and 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.

The events of 2023 made clear the fragility of community financial institutions without modern infrastructure, as noted by David Haber. This investment brings ModernFi's total funding to over $60 million and will enable the company to continue scaling its institution success teams to support the growth of new partners.

As ModernFi continues to grow, it is poised to play a crucial role in shaping the future of American banking, providing community financial institutions with the tools they need to thrive in the digital age.

U.S. Banking System Infrastructure Firm, ModernFi, Secures $30 Million in Series B Funding, Boosting Its Solidified Foundation