Priya PatelTLDR: ModernFi has raised $18.7 million in funding to expand its deposit management tools for financial institutions. The company aims to help community and regional banks attract and retain deposits by offering innovative solutions that can compete with larger institutions. ModernFi operates a deposit network that allows banks and credit unions to grow and manage their deposit base more effectively. The latest investment was led by Canapi Ventures and supported by Andreessen Horowitz, Remarkable Ventures, and three banks: Huntington National Bank, First Horizon, and Regions.
Key Points:
– ModernFi has raised $18.7 million in funding to expand its deposit management tools for financial institutions.
– The company helps community and regional banks attract and retain deposits by offering innovative solutions that can compete with larger institutions.
– ModernFi operates a deposit network that enables banks and credit unions to grow and manage their deposit base more effectively.
– The latest investment was led by Canapi Ventures and supported by Andreessen Horowitz, Remarkable Ventures, and three banks.
