ModernFi: $18.7 Million Secured To Help Financial Institutions Grow And Manage Deposits
Summary
ModernFi announced today that it has closed an $18.7 million Series A funding round to bring its tech-forward platform to community and regional banks to help them grow, retain, and manage their deposits. The elevated interest rates and the advancement of technology, including digital banking and real-time money movement, have fundamentally changed the speed and stability of deposits. And coupled with increased regulatory scrutiny on liquidity and funding, the need for ModernFis software for deposit management has never been greater.ModernFi was founded in 2022 by Paolo Bertolotti and Adam DeVita who met as undergraduates at Columbia University. Canapis strong bank network and deep fintech experience will help accelerate significant deposit flows through the platform.Huntington is laser focused on delivering innovative products and services that meet the needs of our customers and colleagues. Tyler Craft, Director of Transformation Fintech & Emerging Technology at First Horizon BankAt this critical time in the banking sector, were thrilled to reaffirm our investment in ModernFi.