ModernFi, a rising technology provider that has quickly become a cornerstone of deposit management for U.S. financial institutions, announced the close of a $30 million Series B funding round. The investment was led by Canapi Ventures with participation from Andreessen Horowitz, Curql, Remarkable Ventures, and new backer Intercontinental Exchange (NYSE: ICE). With this round, ModernFi’s total funding now exceeds $60 million, underscoring the growing recognition of its role as critical infrastructure in stabilizing deposits and enhancing liquidity management in the post-2023 banking environment.
At its core, ModernFi enables banks and credit unions of all sizes to strengthen customer relationships, grow deposits, and better manage their balance sheets. By replacing outdated deposit workflows with seamless, embedded technology, the company provides institutions with transparency, automation, and control over deposit flows. The platform also adds security for depositors, making it an attractive solution for institutions looking to avoid the fragilities exposed by the regional banking turmoil of 2023. CEO and cofounder Paolo Bertolotti emphasized ModernFi’s mission of safeguarding the diversity of the U.S. banking landscape, enabling community and regional players to compete alongside the largest national institutions.
ModernFi’s impact extends through two pioneering deposit networks already reshaping the industry. The National Bank InterDeposit Company (NBID), launched in 2025, represents banks holding over 40 percent of the reciprocal deposit market. Complementing it is ModernFi CUSO, introduced in 2024 as the first network tailored for credit unions, which now serves more than 75 leading credit unions nationwide. These networks give institutions shared ownership and governance of critical deposit infrastructure—an alignment that long-time regulators like Gene Ludwig, Managing Partner of Canapi Ventures and former Comptroller of the Currency, view as strengthening the system as a whole.
The addition of ICE as an investor highlights how ModernFi’s technology resonates beyond banking, connecting to broader financial market infrastructure. ICE President Ben Jackson noted the synergy between ICE’s decades of building global market networks and ModernFi’s mission to deliver resilience and transparency for financial institutions. Similarly, David Haber of Andreessen Horowitz underscored how ModernFi is addressing vulnerabilities revealed in 2023 by giving smaller banks and credit unions tools to remain competitive in a consolidated financial system.
Armed with fresh capital, ModernFi plans to accelerate adoption across U.S. financial institutions, expand its team, and deepen its integrations with core banking and digital platforms. Just as importantly, it will scale its institutional support services, ensuring that new partners can deploy deposit management technology with speed and confidence. The Series B marks not only a financial milestone, but also a signal that ModernFi is positioning itself as the trusted deposit infrastructure provider in a rapidly changing banking landscape.
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