ModernFi provides financial institutions with an integrated suite of deposit products to attract large-value depositors and manage balance sheets. Their platform offers access to aggregate insurance across a network of institutions for deposit sourcing and liquidity management. The company also supplies data tools to identify and acquire new, stable, low-cost funding relationships.
Funding
$29.1M raised to dateRaised to date based on public sources. This may differ from the amount the company actually raised and is based only on what is publicly available on the internet.
MDFounders
Product
Problem
Financial institutions face challenges in attracting and retaining large-value depositors due to deposit insurance limitations. Traditional methods for managing balance sheets and sourcing funding can be inefficient and lack transparency.
Solution
ModernFi provides a deposit network that enables financial institutions to access extended deposit insurance and on-demand funding solutions. The platform streamlines balance sheet management through integrated deposit products, enhancing liquidity and revenue growth. ModernFi's Deposit Network allows institutions to offer extended deposit insurance, attract large deposits, source overnight funding, and sweep excess deposits. Term Funding software enables institutions to source cost-effective term funding and provides insights into market pricing for brokered CDs.
Target Audience
ModernFi targets financial institutions of all sizes, including banks and credit unions, seeking to grow deposits, manage balance sheets, and enhance liquidity.
Features
- Deposit Network for extended deposit insurance and balance sheet management
- Term Funding software for sourcing stable, efficient funding
- Integrations and software to eliminate friction for depositors and operational burden for institutions
- Unparalleled insights into market pricing for brokered CDs, order fill, and issued CDs
- API-first and cloud-native architecture