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ModernFi secures $18.7M to help banks grow their deposit base
The company provides community and regional banks with end-to-end deposit management capabilities, including a deposit network.
Bertolotti labeled 2022 and 2023 as “unique and pretty substantial” years, citing rising interest rates that resulted in “some of the most aggressive deposit runoff in history,” along with SVB and others collapsing. ModernFi makes money from basis points based on deposits in the network, and Bertolotti said 2023 was “a very good year,” but declined to go into specifics beyond that. Between the seed and Series A rounds, the company doubled its headcount, and the number of institutions supported “has grown very meaningfully.”
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