The banking world just got a power move, and it came coded in APIs instead of Armani. ModernFi, the New York fintech rethinking deposit management since 2022, just closed a $30 million Series B led by Canapi Ventures, with Andreessen Horowitz, Remarkable Ventures, Curql, and Intercontinental Exchange adding fuel. That puts total funding past $60 million in under three years. The numbers scream momentum, but the story whispers inevitability.
ModernFi didn’t show up to sprinkle glitter on old systems. It was born in the aftermath of the Silicon Valley Bank collapse, when community and regional institutions were exposed for running 21st-century banks with 20th-century workflows. Paolo Bertolotti, CEO and cofounder, came armed with a PhD from MIT, an MBA from Columbia, and real scars from fintech product leadership. Adam DeVita, COO and cofounder, brought his Citi-honed chops in digital banking integrations. Together they didn’t just spot the cracks, they engineered the steel beams to rebuild the foundation.
Their platform now runs networks where banks and credit unions sweep, source, and manage deposits in real time, backed by pass-through FDIC insurance and automated compliance. The U.S. reciprocal deposit market tops one trillion dollars, and ModernFi already touches more than 40 percent of it through the National Bank InterDeposit Company and its credit union engine, ModernFi CUSO. That’s not a wedge, it’s walking straight into the center of gravity.
This isn’t a startup pretending to be infrastructure. It is infrastructure. Cloud-native, API-first, microservices built to plug into Finastra, FIS, Jack Henry, and whatever legacy core a financial institution is shackled to. Proprietary matching algorithms and automated sweeps aren’t bells and whistles, they are survival mechanics in a liquidity crunch.
The leadership bench is stacked. Alongside Paolo Bertolotti and Adam DeVita, Andrew Palmer drives tech after tours at MongoDB and Broadway Technology, while Will Cameron leads revenue after scaling community banking at nCino. The boardroom has weight too: Gene Ludwig of Canapi Ventures, David Haber of Andreessen Horowitz, and Ben Jackson of Intercontinental Exchange, plus Rodney Hood bringing his perspective from the NCUA.
This $30 million isn’t just runway, it’s acceleration. More banks and credit unions onboarded, deeper integrations into digital channels, headcount expansion across engineering and compliance, and a roadmap that includes advanced analytics, automated regulatory reporting, and eventually, multi-currency deposits. ModernFi isn’t trying to chase trends, it’s quietly defining the standard.
Banking may be one of America’s oldest trades, but it’s being reshaped by a company barely three years old. ModernFi is betting that community and regional banks don’t need a revolution, they need modern tools sharp enough to keep them alive in a trillion-dollar market that doesn’t forgive inefficiency. With this round, that bet feels less like a gamble and more like the blueprint.
