ModernFi, a deposit marketplace that connects banks with deposits, has scored $4.5m in a seed funding round.
According to Finextra, ModernFi operates a deposit marketplace that connects banks with excess deposits to banks that need funding. The round was led by Andreessen Horowitz.
ModernFi said its offering provides an outlet for excess deposits that helps banks manage balance sheet size and earn potential revenue. It also helps banks source liquidity and fund asset organisation.
ModernFi says it is already working with US-based banks ranging in size from $500m to $100bn in assets.
ModernFi CEO Paolo Bertolotti said, “Banks, especially community and regional institutions, are pillars in their local communities, extending credit to folks that want to buy a house or get a car, as well as providing a safe place for people to keep their life savings.
“By allowing banks to source cost-effective funding on demand and manage balance sheet size, ModernFi is fundamentally improving how banks across the country operate.”
Shift, a provider of credit and payment platforms for Australian firms, has closed an AUD$27m Series C funding round.
Shift has now provided more than AUD$2bn in tailored financial solutions to support the growth aspirations of Australian businesses since its founding in 2014.
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