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ModernFi

Deposit management for financial institutions

ModernFi logo
1-20 employees
  • Fintech
  • B2B
  • Banking
  • Financial Services
  • SaaS
Civic Center, New York, NY

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Company mission

To increase the stability and performance of US financial institutions and the communities they serve.

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back within 2 weeks

Our take

Rising interest rates and the recent collapse of prominent banks have triggered a mass exodus of deposits from smaller institutions. This "deposit runoff" has left community and regional banks scrambling to retain funds, impacting their growth and stability.

ModernFi offers an end-to-end deposit management platform to address this very issue. Its "deposit network" connects smaller banks with high-value depositors, facilitating deposit sourcing, automated fund sweeping, and enhanced security for depositors. This network acts as a lifeline for smaller banks, helping them attract and retain crucial funding.

Recent investment will fuel the company's expansion in several areas, with the ultimate goal of becoming a one-stop shop for bank CFOs, offering a comprehensive suite of solutions for managing the entire deposit lifecycle. With strong market demand and a clear roadmap for expansion, ModernFi appears well-positioned to navigate the shifting landscape of banking and become a vital resource for community and regional banks in the years to come.

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Kirsty

Company Specialist at Welcome to the Jungle

Benefits

  • Unlimited PTO
  • Premium health, dental, and vision insurance
  • Company equity

Company values

  • Talent-driven organization: The caliber and character of the ModernFi team set us apart. We value competence over experience and look for compassionate and driven people with diverse backgrounds. We appreciate technical ability, dedication, and humble confidence. Above all, we value respect – respect to our colleagues, our clients, our partners, and to ourselves
  • Responsible innovation: At ModernFi, we have deep respect for the banking system and are focused on advancing it. Our team has decades of experience in the financial sector, and we’re driven by an ambition to rethink the way banks interact with one another and their communities
  • Grounded in knowledge, powered by technology: Our technology is grounded in a deep knowledge of the banking sector. Only by thoroughly understanding the ins and outs of deposit management and banking in general can we improve and build on it
  • Meticulous execution and management: We are diligent and transparent. We believe that trust and credibility are earned through reliable performance, and that technology is most advanced when it’s seamless and accessible
  • For better banking: Healthy banks make for prosperous communities. The work we do at ModernFi enables banks to better serve their clients and improve the financial health of their neighborhoods

Funding (last 2 of 3 rounds)

Jan 2024

$18.7m

SERIES A

Feb 2023

$4.5m

SEED

Total funding: $27.7m

This company has top investors

Leadership

Paolo Bertolotti

(CEO)

Graduated from Massachusetts Institute of Technology with a PhD in Complex Systems and Statistics. They are currently a Lecturer in Statistics at Columbia University.

Adam DeVita

(COO)

Graduated from Columbia University with a Bachelor's Degree in Economics and Mathematics. Previously a Product Manager at Citi.

Bennett Johnsen

(Chief Compliance Officer)

Graduated from Princeton University with a Degree in Economics and Finance. Previously worked at Texas Exchange Bank as a Chief Credit Officer and Chief Financial Officer.

Jobs (2)

All locations

Software Engineering

Sales & Account Management