“Revolutionary funding: ModernFi raises $18.7M to empower banks in expanding their deposit resources”
The company provides community and regional banks with end-to-end deposit management capabilities, including a deposit network so bank customers can grow, retain and manage their deposit base by sourcing deposits, sweeping funds and providing additional security to depositors. In fact, ModernFi, founded in 2022 by Paolo Bertolotti and Adam DeVita, raised $4.5 million in a seed round a month prior to the SVB news. Canapi Ventures led the round and was joined by Andreessen Horowitz, Remarkable Ventures and a group of banks including Huntington National Bank, First Horizon and Regions. “On this whole notion of deposit growth, retention management became first, second and third priority for a lot of institutions. Bertolotti plans to grow in engineering, new product development, compliance and regulatory adherence and in business development.