ModernFi raises USD 4.5 million for its bank deposit marketplace


Share post:

Andreessen Horowitz led a USD 4.5 million seed funding round for ModernFi, a marketplace that lets banks exchange deposits on demand.

Through its deposit marketplace, ModernFi connects banks with extra deposits and banks in need of capital. ModernFi claims it is already working with US-based banks with assets ranging from USD 500 million to USD 100 billion thanks to a tech stack built on a foundation of compliance and regulatory adherence.

According to the startup, the marketplace gives banks a place to dump extra deposits, which helps them control the size of their balance sheets and generates potential revenue.

Read More: Deposit marketplace for banks ModernFi raises $4.5m 

TalkFintech Bureau
TalkFintech Bureau
TalkFintech is focused on the latest financial sector technologies and tools- covering all tech used by banks, investors, insurance, and wealth management sectors- and also conversations on retail financial management tools.


Please enter your comment!
Please enter your name here


Related articles

Solutions by Text Appoints New Chief Product Officer to Bring Payments & Messaging into New, Autonomous Era

Solutions by Text, creator of FinText, an embedded messaging and payments platform for consumer finance businesses, today announced...

Arta Finance Hires Tomas Arlia to Expand Alternative Investment Offerings

Arta Finance, a fintech company transforming the way people grow, protect and enjoy their wealth, today announced the addition...

Varo Bank Introduces “Varo to Anyone”

Varo Bank announced the launch of "Varo to Anyone," an instant payment service with options for sending money,...

London & Capital Associates with Addepar to Offer Investment Management and Reporting Solutions Globally

London & Capital collaborates with Addepar to introduce portfolio analysis, data modeling, tailored investment management, and performance reporting...