Modak Partners with Legend Bank.

BANKING AND CREDIT NEWS-August 15, 2025-Modak Partners with Legend Bank

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US-based Modak, a financial app designed to help families raise financially smart kids and teens, has formed a new partnership with Texas-based community bank Legend Bank, N.A., the company said.

As of June 2025, Legend Bank officially serves as Modak's regulated sponsor bank, providing the banking infrastructure behind Modak's parent accounts and youth debit card program.

This partnership marks a major milestone in Modak's growth and long-term stability, reinforcing its commitment to delivering secure, reliable financial tools to the families it serves nationwide.

Modak's technical integration with Legend Bank enables a tightly coupled ledgering system, where user balances are updated and reconciled in real-time, every day.

This architecture ensures funds are transparently accounted for at all times -- delivering the operational rigor needed to build and maintain trust with families.

Modak completed its migration to Legend Bank and has since relaunched key features for families, including its popular allowances tool, automatic transfers, and in-app savings goals.

Modak is a financial platform designed to help families raise financially smart, independent kids and teens.

With tools like automated allowances, spend tracking, savings goals, and real-time parent oversight, Modak empowers youth to build financial confidence from a young age -- all through a safe, family-focused banking experience.

Modak is founded by Madhu Yalamarthi (Stanford MBA and MS; Arjay Miller Scholar) and supported with USD 19m in funding from Notable Capital, Nazca, Monashees, and 25 other leading VCs and angel investors.

Legend Bank, N.A. is a Texas-based community bank with 14 locations throughout North Texas and total assets of over USD 1.1bn.

Legend Bank has proudly served its communities as a trusted bank for over 134 years and remains focused on their mission to enrich the lives of their stakeholders by providing Legendary financial services and resources.

Additionally, Legend Bank brings its community-first mindset into modern financial services with their robust infrastructure, supporting fintechs, software companies, and more with their embedded banking solutions.

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