Curql leads funding round in ModernFi to bring the first deposit network to credit unions
DES MOINES, IA (July 24, 2024) — Curql, a collective of credit unions jointly investing in fintech, has added ModernFi to its investment portfolio. This investment marks a significant milestone in establishing the first deposit network for credit unions and as the first investment for Curql Fund II, further solidifying Curql’s mission to bring relevant and competitive solutions to the credit union industry.
Through ModernFi’s deposit network, credit unions can grow, retain, and manage their deposit base by providing extended NCUA insurance* to attract and retain large-value members across businesses, higher-net-worth individuals, nonprofits, and public funds. Credit unions can also utilize the network to manage their balance sheets by sourcing funding on demand or sweeping excess liquidity. ModernFi’s solutions help credit unions strengthen their deposits, membership, relationships, stability, and, ultimately, their mission.
Rodney Hood, former chairman of the NCUA, shared, “ModernFi stands as the foremost company in the market with regard to liquidity.” Nick Evens, President and CEO of Curql added, “It levels the playing field for credit unions. This solution has long been utilized by banks. Not only is ModernFi building the first full-service deposit network for the entire credit union industry, they’re also greatly expanding the audience of prospective business and consumer members that credit unions can serve. It’s empowering them to compete more effectively against larger financial institutions, which is exactly why credit unions are prioritizing deposit growth and why Curql chose to invest.”
Paolo Bertolotti, founder and CEO of ModernFi, expressed his excitement, “The ModernFi team is thrilled by the investment and excited to partner with Curql and its credit union ecosystem. In recent months, we have seen significant growth in our credit union network and are on track to becoming foundational infrastructure for credit unions, ultimately supporting their mission to serve new and existing members.”
The window to join Curql Collective is still open for credit unions interested in jointly investing in fintech.
About Curql Collective
Curql Collective is a collaborative ecosystem built by credit unions, for credit unions, where innovation meets purpose. With the backing of over 120 progressive credit unions, Curql invests in and accelerates the development of fintech solutions that empower credit unions to better serve their members and stay competitive in a rapidly changing financial landscape. Through Curql Fund I, Curql Fund II, and Curql Accelerate, Curql has partnered with over 40 fintech companies to bring transformative technologies directly to the credit union movement. Together, Curql is creating opportunities for growth, enhancing member experiences, and driving meaningful change across the industry. For more information, please visit https://www.curql.com/credit-unions/.
About ModernFi
ModernFi empowers financial institutions of all sizes to better serve their communities. Through ModernFi, banks and credit unions can grow, retain, and manage their deposit base by sourcing deposits, sweeping funds, and providing additional security to depositors. Founded by a team of veterans from technology and finance, the firm provides financial institutions with end-to-end deposit management built on a modern tech stack and a foundation of compliance. Learn more at modernfi.com
*Insurance is provided through program credit unions (subject to certain conditions)
