Priya Patel
TLDR: ModernFi has raised $18.7 million in a Series A funding round to bring its platform to community and regional banks for deposit growth. Led by Canapi Ventures, the round also saw participation from Andreessen Horowitz, Remarkable Ventures, and leading banks Huntington National Bank, First Horizon, and Regions. ModernFi operates a deposit network that helps banks attract and retain large-value depositors, driving growth and increasing balance sheet stability. The company’s technology streamlines onboarding and operations for banks and clients, increasing the usability and reach of sweep and reciprocal products. ModernFi was founded in 2022 and aims to modernize and improve the way financial institutions operate through its platform.
