Curql Leads Funding Round in ModernFi to Bring the First Deposit Network toCredit Unions

Nick Evens

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.

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