# ModernFi

> ModernFi operates software and deposit networks for U.S. banks and credit unions. Its reciprocal accounts distribute eligible customer balances among insured member institutions while the originating institution keeps the customer relationship and receives matching deposits; the same network can source funding or sweep surplus liquidity. The company reported more than 1,000 participating institutions in September 2026.

- **Founded:** 2022
- **Headquarters:** New York, United States
- **Founders:** Paolo Bertolotti (Co-founder and CEO), Adam DeVita (Co-founder)
- **Products:** Reciprocal Deposits, Source Deposits, Sweep Deposits, ModernFi CUSO, NBID
- **Notable:** Passed 1,000 participating financial institutions in September 2026., Launched the ModernFi CUSO credit union network in 2024 and NBID in 2025., Raised a $30 million Series B announced in September 2025.

## Products & services

- **Reciprocal Deposits** — Places balances across insured network institutions in eligible increments and routes matching deposits back, keeping one depositor relationship at the originating institution.
- **Source Deposits** — Lets institutions set funding targets and receive non-collateralized network deposits at a displayed network rate.
- **Sweep Deposits** — Moves excess liquidity into the network to manage balance sheet size and potentially generate fee income.
- **ModernFi CUSO** — Credit union owned deposit network offering reciprocal accounts with pass-through NCUA share-insurance eligibility, subject to conditions.
- **NBID** — Bank-owned reciprocal deposit network operated by ModernFi.
- **ModernFi API** — API for account management, transaction records, sweep operations, interest calculations, and reporting.

## Achievements

- Passed 1,000 participating financial institutions in September 2026.
- Launched the ModernFi CUSO credit union network in 2024 and NBID in 2025.
- Raised a $30 million Series B announced in September 2025.
- Recognized on Fast Company’s 2024 Most Innovative Companies finance list and GGV’s 2024 Fintech Innovation 50.

## Latest updates

- **2026-09** — Announced that its deposit networks passed 1,000 participating financial institutions.
- **2026-08** — NBID announced it had surpassed 800 member banks.
- **2026-03** — NCUA published a FAQ acknowledging reciprocal deposits as permissible for federally insured credit unions when conducted safely and soundly.
- **2025-09** — Announced a $30 million Series B led by Canapi Ventures.

## Links

- Website: https://modernfi.com/
- LinkedIn: https://www.linkedin.com/company/modernfi
- Twitter/X: https://twitter.com/ModernFi_

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Profile page: https://yespress.io/modernfi
Published by YesPress — https://yespress.io
Last updated: 2026-09-29