ModernFi lands $18.7m Series A funding to boost deposit network expansion

Funding News: ModernFi, a US fintech, secures $18.7 million in Series A funding round.
Investors: Canapi Ventures leads the round, joined by Andreessen Horowitz, Remarkable Ventures, Huntington National Bank, First Horizon, and Regions Bank.
Total Funding: This funding adds to the earlier $4.5 million seed round, bringing ModernFi’s total raised funds to over $23 million.
Company Background: Founded in 2022, and headquartered in NYC, ModernFi focuses on deposit management services for community and regional banks.
Services: ModernFi’s deposit network helps banks grow, retain, and manage their deposit base. It connects banks with high-value depositors and provides extended insurance for depositors through program banks.
Industry Support: CEO Paolo Bertolotti emphasizes the importance of community and regional banks in the US economy and mentions the fintech’s commitment to supporting this sector with the latest funding.
Recent Developments: ModernFi expanded its advisory board and formed a partnership with the Mid-Size Bank Coalition of America (MBCA) to extend its deposit network and services to coalition members.