ModernFi Raises $30 Million Series B Strengthening Its Position as Foundational Infrastructure for the U.S. Banking System
Intercontinental Exchange joins Canapi, Andreessen Horowitz, and other leading firms in backing ModernFi’s mission to support the growth and competitiveness of banks and credit unions nationwide
ModernFi empowers financial institutions of all sizes to grow deposits and customer or member relationships. Through ModernFi’s deposit networks, banks and credit unions can source funds, manage balance sheet size, and provide additional security to depositors. In a rapidly shifting banking environment, ModernFi has emerged as a trusted infrastructure partner for banks and credit unions focused on long-term resilience and deposit growth.
“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,” said Paolo Bertolotti, CEO and Cofounder of ModernFi. “ModernFi has brought modern technology and better alignment to our partner institutions, providing ownership, transparency, and control over their critical deposit infrastructure. We are grateful for the continued trust of our partners and backers, and we look forward to contributing to their success.”
“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,” said Ben Jackson, President of ICE. “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’s technology integrates directly into the core and digital experience of financial institutions, enabling them and their depositors to manage funds through self-service, transparent, and automated tools. The platform replaces outdated workflows with a seamless, embedded solution, helping institutions protect large deposits, improve liquidity access, and reduce operational burden.
Through this technology, ModernFi powers two purpose-built and institution-owned and governed deposit networks that are reshaping how financial institutions can manage and protect deposits at scale:
- The National Bank InterDeposit Company (NBID), launched in 2025 in collaboration with participating banks, now includes banks representing more than 40 percent of the existing reciprocal deposit market.
- ModernFi CUSO, the first-of-its-kind network for credit unions, launched in 2024, and has already grown to serve more than 75 leading credit unions in the country.
Gene Ludwig, Managing Partner and Founder of Canapi Ventures, former Comptroller of the Currency, and Founder of Ludwig Advisors and Promontory Financial Group, commented, “Over the past 20 years, deposit networks have grown to become a vital service for community and regional institutions, allowing them to remain competitive and thrive. I’ve long believed that when institutions have alignment with their systemically important infrastructure, the entire system is stronger. ModernFi is executing on that vision with impressive speed and discipline. This Series B shows just how much trust they’ve earned and how central they’re becoming to the future of American banking.”
“Community financial institutions are vital to the American economy – they serve the distinct needs of local communities, families, and small businesses. But the events of 2023 made clear how fragile their position can be without modern infrastructure,” said David Haber, General Partner at Andreessen Horowitz. “We believe ModernFi is providing these institutions with the tools they need to compete and flourish in today’s environment. By enabling regional banks to access and control critical deposit infrastructure through initiatives like NBID, ModernFi is strengthening the competitive fabric of our financial system and ensuring that smaller institutions aren’t left behind.”
With the new funding, ModernFi will accelerate adoption across financial institutions, expand its team, and deepen integrations with digital banking and core providers. The company will also continue to scale its institution success teams to support the growth of new partners.
About ModernFi
ModernFi empowers financial institutions of all sizes to better serve their communities. Through ModernFi, banks and credit unions can grow, retain, and manage their deposit base by sourcing deposits, sweeping funds, and providing additional security to depositors. Backed by Canapi, Andreessen Horowitz, ICE, and leading banks and credit unions, the firm provides financial institutions with market-leading deposit management built on a modern tech stack and a foundation of compliance. Learn more at modernfi.com.
About Canapi Ventures
Canapi is a B2B software and financial technology venture and growth equity platform investing in early to growth-stage companies offering disruptive alternatives to outdated business models and technologies. Backed by the Canapi Alliance – a network of over 70 of the leading financial institutions across
About Andreessen Horowitz
Andreessen Horowitz (aka a16z) is a venture capital firm that backs bold entrepreneurs building the future through technology. We are stage agnostic. We invest in seed to venture to growth-stage technology companies, across AI, bio + healthcare, consumer, crypto, enterprise, fintech, games, infrastructure, and companies building toward American dynamism. a16z has
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