ModernFi, the leading technology provider of deposit management for banks and credit unions, has earned recognition from both Fast Company and GGV Capital for continuing to innovate in the fintech space. ModernFi was named to Fast Company’s list of the World’s Most Innovative Companies for 2024, and was ranked the sixth most innovative company in the finance category. ModernFi was also named to the GGV Capital Fintech Innovation 50, which recognizes the 50 most promising fintech companies as determined by investors.
Since its inception, ModernFi has been fully focused on helping financial institutions of all sizes grow, retain, and manage their deposits. The high interest rate environment and bank stress in 2023 have left banks and credit unions seeking new, innovative and non-rate driven solutions to power deposit growth and retention. ModernFi offers a fully integrated and API-driven deposit network that allows financial institutions to sweep funds, source deposits, and provide extended insurance to depositors through program institutions. Unlike alternatives, ModernFi’s solution streamlines onboarding and operations for financial institutions and their clients to increase the usability and reach of under-utilized sweep and reciprocal products.
“ModernFi is honored to be recognized by both Fast Company and GGV Capital for its efforts to innovate in the fintech space,” said Adam DeVita, COO and Cofounder of ModernFi. “The awards are a reflection of the diligent work of our world-class team, the trust and support of our investors, and the close relationships we’ve been fortunate to build with our financial institution partners. We look forward to continuing to innovate to empower our partners and support the safety and soundness of the larger banking and credit union industries.”
ModernFi remains focused on innovating to support financial institutions with their funding and liquidity needs, and the latest innovation came in the form of its recently launched Term Funding product. Funding is provided through ModernFi’s premier network of deposit broker partners. Following in ModernFi’s ethos of technology-driven solutions, ModernFi Term Funding simplifies the funding process, empowering financial institutions to make informed funding decisions and seamlessly manage existing issuance. With the wind down of the Federal Reserve’s Bank Term Funding Program on March 11th, this product provides a timely and innovative market solution as liquidity and funding remain top of mind across the sector.
ModernFi is proud to accept its recent honors for financial technology innovation, and the ModernFi team is looking ahead to future growth and further industry advancements.
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