ModernFi, a company specialising in technology for deposit management, has closed a $30m Series B funding round.
The round was led by Canapi Ventures, with participation from Andreessen Horowitz, Curql, Remarkable Ventures, and new investor Intercontinental Exchange (ICE).
This latest investment raises ModernFi’s total funding to over $60m.
ICE president Ben Jackson said: “More than two decades ago, ICE began building a global network of exchanges, data and market infrastructure solutions, all with the vision to make markets more transparent and accessible and provide the data and tools to help customers manage risk.
“ICE has since become a leading operator of data and technology across asset classes, interacting with the full spectrum of the global banking system. Our shared focus on fostering the success and resiliency of global markets means we are excited to invest in ModernFi and be part of their journey of growth.”
ModernFi said that the latest funding underscores its growing role in ensuring deposit stability and liquidity management in the banking sector post-2023.
The firm’s platform supports banks and credit unions by offering integrated solutions that streamline deposit management.
Through direct integration with financial institutions’ systems, it provides automated tools that facilitate self-service fund management. This technology underpins two main networks: the National Bank InterDeposit Company (NBID) and ModernFi CUSO.
The NBID, launched in 2025, now integrates banks which represent more than 37 percent of the reciprocal deposit market. Meanwhile, ModernFi CUSO, a network for credit unions launched in 2024, is said to have rapidly expanded to serve over 75 leading credit unions nationwide.
The new capital from the Series B round will be directed towards increasing adoption among financial institutions. ModernFi plans to expand its workforce and enhance its integration capabilities with digital banking and core service providers. Additionally, the company will strengthen its institution success teams to support its expanding network of partners.
ModernFi CEO and cofounder Paolo Bertolotti said: “Community and regional financial institutions are the engine of the American economy, providing businesses with credit to grow and individuals with a safe place to keep their life savings.
“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.
“ModernFi has brought modern technology and better alignment to our partner institutions, providing ownership, transparency, and control over their critical deposit infrastructure.”
Earlier developments include ModernFi’s Series A funding round in January 2024, where it secured $18.7m to extend its platform to community and regional banks aimed at helping them grow their deposit bases.
This round was also led by Canapi Ventures and included participation from Andreessen Horowitz, Remarkable Ventures, and banks such as Huntington National Bank, First Horizon, and Regions Bank. Prior to this, ModernFi had raised $4.5m in a seed round led by Andreessen Horowitz.
