ModernFi

Deposit Network Infrastructuremodernfi.com

ModernFi operates institution-owned deposit networks (NBID for banks and a CUSO for credit unions), providing reciprocal deposits, sweep deposits, and source deposit infrastructure to 761 U.S. financial institutions managing $2.8T in deposits.

Company typePrivate
Founded2022
HeadquartersNew York, United States
Headcount51–100
GTM typeB2B
OfferingSoftware

What ModernFi does

ModernFi operates institution-owned deposit networks for U.S. financial institutions, providing reciprocal deposit, sweep deposit, and source deposit infrastructure. The company serves as the network operator for two distinct but structurally similar entities: NBID (National Bank InterDeposit Company), an LLC owned by its member banks, and ModernFi CUSO, a credit union service organization owned by credit unions and funded by industry CUSOs MDC and Curql. Together these networks serve 761 member institutions managing approximately $2.8T in deposits across all 50 U.S. states, with NBID alone holding $222B in reciprocal deposits on member bank balance sheets as of Q1 2026.

The underlying technology is an API-first deposit network platform with direct integrations to major core banking providers (including FIS Cash Manager), real-time admin and depositor portals, and automated reporting including GL reports and Call Report supplements. The platform enables institutions to offer depositors extended FDIC or NCUA insurance through pass-through coverage (up to $32M per depositor today, up from $5M at launch), execute sweep programs to convert excess liquidity into fee income, and source collateral-free funding on demand. Product breadth has expanded materially through 2026 with custom indices, pricing groups, MFA, SSO enforcement, and customizable branding.

ModernFi generates revenue through two primary streams: recurring network membership and subscription fees, and transaction-based fee income on balances swept through the network. The company employs an enterprise field sales motion supported by Regional Directors alongside an API-first self-serve integration model, with go-to-market heavily reinforced through channel partnerships with the American Bankers Association, Mid-Size Bank Coalition of America, and 30+ state bankers associations. Customer segments span community banks (under $10B), regional banks ($10B-$50B), and super-regional banks (over $50B), plus credit unions across all asset sizes, with depositor end-markets weighted toward commercial/business banking (56% of network deposits), public funds (17%), private wealth (18%), and nonprofit/fiduciary accounts (9%).

ModernFi firmographics

Firmographics

Name: ModernFi
Legal name: ModernFi, Inc.
Website: https://modernfi.com
Company type: Private
Founded year: 2022
Operating status: Operating
Headcount range: 51–100 employees
Short description: ModernFi operates institution-owned deposit networks (NBID for banks and a CUSO for credit unions), providing reciprocal deposits, sweep deposits, and source deposit infrastructure to 761 U.S. financial institutions managing $2.8T in deposits.
Ownership category
akta.pro rank

ModernFi industry classification

Industry

Product category: Deposit Network Infrastructure
NAICS: Securities and Commodity Exchanges (5232), Finance and Insurance (52)
SIC: Finance Services (6199), Security & Commodity Brokers, Dealers, Exchanges & Services (6200)
akta.pro primary industry: Tokenization, Network Vaults & Credential Management (FSAGABAF)
akta.pro secondary industry: Securities Lending & Collateral Management (Custodian-Led) (FSAFAHAC)

Keywords

Deposit network services
Reciprocal deposits
Sweep deposits
Deposit management platform
Deposit insurance network

Where ModernFi is headquartered

Location

Headquarters

HQ city: New York
HQ country: United States
HQ region: North America

Offices1 record

Markets served

ModernFi business model

Business model

GTM type: B2B
Offering type: Software
Cost components: Personnel, Technology or R&D, Marketing or Sales, Operations, Infrastructure

Revenue model

Network Membership/Subscription Fees: Institutions pay for membership in the NBID network and ModernFi CUSO network. Member banks receive preferential pricing, profit share, and oversight through a bank-majority board.
Transaction/Fee Income on Swept Balances: Institutions running sweep programs earn fee income on swept balances, paid by receiving institutions at the network rate. Fee income is generated on deposits flowing through the network.

Go-to-market motion2 records

Distribution channels4 records

Marketing channels5 records

ModernFi product offering

Product offering

Core offering

ModernFi operates institution-owned deposit networks (NBID for banks and ModernFi CUSO for credit unions) that enable financial institutions to offer depositors aggregate FDIC/NCUA insurance coverage across network participants, sweep excess liquidity into fee income, and source on-demand wholesale funding without collateral requirements. The platform provides direct core integrations, a real-time treasury admin portal, a branded depositor portal, and full API access for developers.

Product overview

ModernFi operates institution-owned deposit networks for U.S. financial institutions, offering three interconnected deposit management products: Reciprocal Deposits (providing extended FDIC insurance coverage through network participation), Sweep Deposits (converting excess liquidity into fee income), and Source Deposits (on-demand funding without collateral). The company operates two networks - NBID for banks (600+ member banks) and ModernFi CUSO for credit unions (130+ participating credit unions). Financial institutions access these services through the Admin Portal for program management and the Depositor Portal for account access, with full API availability for developer integration.

Differentiator

Problem solved

Functional benefit

Brands

NBID: National Bank InterDeposit - a standalone LLC owned by member banks, providing reciprocal deposit network services
ModernFi CUSO

Products and services

Reciprocal Deposits Reciprocal deposit product that allows financial institutions to offer depositors access to millions in aggregate FDIC insurance through network member institutions via a single account, with matching balances flowing back to the originating institution to maintain balance sheet integrity.
Sweep Deposits Sweep deposit feature enabling institutions to sweep excess liquidity into the NBID network to generate fee income, improve net interest margin, and manage balance sheet size without raising deposit rates or losing depositor relationships.
Source Deposits Source deposit product allowing institutions to draw deposits from across the network onto their balance sheet on demand, providing wholesale funding without collateral requirements, adjustable up or down with no fixed maturity.
NBID Network National Bank InterDeposit Company (NBID) — a standalone LLC deposit network owned by over 600 member banks, providing reciprocal deposit services, deposit sweeping, and deposit funding for financial institutions across the United States. Modeled after Visa at founding, DTCC, and The Clearing House.
ModernFi CUSO Credit Union Service Organization (CUSO) providing the first reciprocal deposit network for credit unions, offering aggregate NCUA share insurance through network credit union institutions. Owned by 10 credit unions plus MDC and Curql as funding partners.
Admin Portal Administrative portal for financial institutions to manage deposit network activity, sweep and source operations, reporting, account opening, and program management. Provides real-time visibility into live allocations, counterparty concentration, fee income, and pass-through balances.
Depositor Portal Self-service portal for depositors to view account balances, statements, and activity across network institutions safeguarding their funds. Integrated into the financial institution's own web and mobile applications and branded as the institution's own product.

Quantifiable outcome

12% stronger deposit growth at institutions using sweep and reciprocal deposits in 2023-2024 vs. non-users
+4 more outcomes

Companies that use ModernFi

Customer profile

Named customers27 records

Segments8 records

Ideal customer profiles4 records

ModernFi technology and API

Technology

Technology focussed Yes

API detail

Has API: Yes
API docs
API detail

Core technology

AI maturity

App detail

Integration3 records

Feature5 records

ModernFi partnerships and signals

Strategic signal

Partnerships

Six partnerships are on record, tiered core and flagship.

ModernFi CUSOcoreStrategic or Co-development Partner · 1 January 2024ModernFi CUSO is a credit union service organization serving over 130 credit unions. Owned directly by 10 credit unions and funded by industry CUSOs MDC and Curql representing over 185 more. Provides reciprocal deposit services similar to NBID but for NCUA-insured credit unions.
MDC (Members Development Corporation)coreStrategic or Co-development Partner · 1 January 2024MDC is a research and development consortium of 80+ credit unions that jointly evaluates and underwrites strategic infrastructure for the industry. Strategic partner and investor in ModernFi CUSO.
NBID (National Bank InterDeposit Company)coreStrategic or Co-development Partner · 1 January 2022ModernFi operates as network operator for NBID, a standalone LLC owned by its over 600 member banks. Modeled after Visa at founding, DTCC, and The Clearing House. Member banks receive preferential pricing, profit share, and oversight through a bank-majority board. ModernFi provides technology and operational services while banks govern the network.
FIScoreTechnology or IntegrationFIS Cash Manager integration enables First National Bank of Oklahoma and other clients to transition to NBID with zero operational burden - existing workflows and processes maintained through FIS integration.
American Bankers AssociationflagshipChannel Partner/ Reseller/ DistributorNBID is a Premier Member of the American Bankers Association Partner Network. ABA endorsement provides access to thousands of community and regional banks nationwide.
Mid-Size Bank Coalition of AmericaflagshipChannel Partner/ Reseller/ DistributorNBID is a Principal Partner of the Mid-Size Bank Coalition of America (MBCA), providing direct access to mid-size regional banks across the country.

Scale indicators12 records

Recent moves6 records

Expansion highlights6 records

ModernFi competitors and assessment

Company assessment

Market position

Strengths5 records

Weaknesses5 records

Competitive moat5 records

Key risks1 record

Key highlights7 records

Customer concentration

ModernFi financial estimates

Financial estimate

Revenue estimate

Valuation estimate

ModernFi leadership team

Management profile

Number of profiles

Profiles3 records

ModernFi subsidiaries and ownership

Company hierarchy

Subsidiaries3 records

ModernFi funding detail

Funding detail

Funding overview

Funding rounds5 records

Investors10 records

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

ModernFi M&A and investment

M&A and investment

M&A

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about ModernFi

What does ModernFi do?

Is ModernFi a public or private company?

ModernFi is a private company. It is classified as venture growth investor backed and is currently operating.

When was ModernFi founded?

ModernFi was founded in 2022. It employs 51 to 100 people.

Where is ModernFi based?

ModernFi is headquartered in New York, United States, in the North America region.

How does ModernFi make money?

Two revenue lines are on record. Network Membership/Subscription Fees are the primary driver. The others are transaction/Fee Income on Swept Balances.

Does ModernFi have an API?

Yes. ModernFi provides a public API enabling developers to manage deposit network operations, including account management, depositor management, transaction processing, pricing groups, custom benchmarks, file handling, and reporting. The API supports full transparency and control over sweep programs and network funds. API reference includes endpoints for: Accounts (list, create, get, update, close), Custom Benchmarks (list, create, get, update rate, delete, patch), Depositors (list, create, get, update, get TIN), Files (get statements, get/set monthly statement config, get preview, get file), Transactions (list, create, get, update), Pricing Groups (list, create, get, delete, update metadata, update rates, assign/unassign accounts), and Auth (request access token). Developer documentation is at docs.modernfi.com.

What industry is ModernFi in?

ModernFi's product category is Deposit Network Infrastructure. Its primary akta.pro industry code is FSAGABAF, Tokenization, Network Vaults & Credential Management, with a secondary code of FSAFAHAC, Securities Lending & Collateral Management (Custodian-Led). Its NAICS code is 5232 and its SIC code is 6199.