Canapi Ventures led a $19m Series A round in ModernFi.

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.