ModernFi, a fintech that helps banks retain and attract deposits, has closed an $18.7 million Series A funding round that involved several banks.
ModernFi said in a press release that the round was led by Canapi Ventures (which has ties to Live Oak Bancshares) and included investment by Andreessen Horowitz, Remarkable Ventures, Huntington Bancshares, First Horizon and Regions Financial.
The fintech had previously raised $4.5 million in a seed round led by Andreessen Horowitz.
“Faced with fundamental shifts in the behavior of deposits, institutions benefit from modern tools to manage and grow their funding,” Paolo Bertolotti, ModernFi’s co-founder and CEO, said in the release. “ModernFi has been privileged to help institutions of all sizes protect their deposit base, and the team looks forward to continuing its support of the sector.”
“Huntington is laser-focused on delivering innovative products and services that meet the needs of our customers and colleagues,” Igor Cerc, the bank’s chief enterprise strategy officer and head of Huntington Ventures, said in the release.
“ModernFi’s functionality should expand digital capabilities for the banking sector and offers a robust, modern service with the potential to further differentiate how our wealth management customers can manage their money,” Cerc added.