ModernFi Welcomes Rodney Hood, Former NCUA Chairman, to Its Board as It Launches the First Deposit Network for Credit Unions tmcnet.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from tmcnet.com Daily Mail and Mail on Sunday newspapers.
Large regional banks invest in startup deposit network americanbanker.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from americanbanker.com Daily Mail and Mail on Sunday newspapers.
A lot has happened in banking over the past year, including the Silicon Valley Bank collapse, and that’s enabled companies like ModernFi to step in and provide other solutions. The company provides community and regional banks with end-to-end deposit management capabilities, including a deposit network so bank customers can grow, retain and manage their deposit base by sourcing deposits, sweeping funds and providing additional security to depositors. In fact, ModernFi, founded in 2022 by Paolo Bertolotti and Adam DeVita, raised $4.5 million in a seed round a month prior to the SVB news.
IntraFi, R&T Deposit Solutions and other companies help banks capture and insure the entirety of their customers' balances a cogent need in the aftermath of SVB.