ModernFi, a deposit management fintech, has raised $30 million in a Series B funding round.
The funding round was led by Canapi Ventures, with participation from Andreessen Horowitz, Curql, Remarkable Ventures, and Intercontinental Exchange. ModernFi’s total funding now tops $60 million.
“Our job at ModernFi is to support the scale and diversity of the American banking landscape so that institutions of all sizes can continue to grow and compete,” Paolo Bertolotti, the company’s CEO, said in a press release. “ModernFi has brought modern technology and better alignment to our partner institutions, providing ownership, transparency, and control over their critical deposit infrastructure.”
ModernFi, which has made a major push with reciprocal deposits, plans to accelerate adoption at financial institutions, expand its team, and deepen integrations with digital banking and core providers.