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.

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

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.