Fintech ModernFi bags $18.7M, taking banks on tech-forward journey.

ModernFi, a fintech company that helps financial institutions manage their deposits, has raised $18.7 million in funding. The platform, which is aimed at community and regional banks, enables them to attract and retain clients and grow their funding. The investment round was led by Canapi Ventures and included participation from Andreessen Horowitz, Remarkable Ventures, Huntington National Bank, First Horizon, and Regions. ModernFi’s platform operates a deposit network that allows banks and credit unions to source deposits, sweep funds, and provide extended insurance to depositors. The company’s streamlined onboarding and operations processes make it easier for institutions to attract large-value depositors and drive growth. ModernFi has positioned itself as the country’s leading tech-enabled deposit network by leveraging its modern tech stack, which removes the friction for depositors and eliminates the operational burden for financial institutions. The funding will be used to expand the platform’s reach and enhance its functionality.