Announced
Completed
Financials
Sources
Tags
United States
Diversified Financials
fintech
Private
Completed
financial services
Domestic
Friendly
Single Bidder
Acquisition
Minority
Private Equity
Venture Capital
deposit network
Synopsis
Canapi Ventures, a venture capital firm investing in early to growth-stage fintech companies, led a $19m Series A round in ModernFi, an end-to-end deposit management for financial institutions, with participation from Andreessen Horowitz, Remarkable Ventures, Huntington National Bank, First Horizon and Regions. Faced with higher interest rates and stress in the sector, banks have been seeking new, innovative options that can drive deposits. ModernFi helps banks thrive in an increasingly competitive banking landscape, and attract and retain clients that might otherwise go to the largest banking institutions or leave the banking sector entirely.
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