Modak Announces Partnership with Legend Bank, N.A. as New Sponsor Bank

Strategic partnership supports Modak’s mission to build the next generation of financially confident kids and teens.

MENLO PARK, CA, UNITED STATES, August 14, 2025 /EINPresswire.com/ -- Modak, the financial app designed to help families raise financially smart kids and teens, today announced a new partnership with Legend Bank, N.A., a Texas-based community bank. 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.

“Trust is everything when you’re building financial tools for the next generation,” said Madhu Yalamarthi, CEO and Co-Founder of Modak. “That’s why we chose to work directly with a sponsor bank that shares our standards for transparency, security, and real-time accuracy. With Legend Bank, we’re able to reconcile every user ledger daily — a level of operational clarity that puts our families first.”

“Partnering with Legend Bank is a key step forward in our mission to help young people build strong financial foundations,” added Julie Valencia, Head of Operations and Compliance at Modak. “Legend Bank’s trusted community banking model and commitment to compliance align perfectly with our vision of modern, responsible youth banking.”

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.

“We’re proud to partner with Modak and support their mission by providing the bank-level stability needed to scale their impact,” said Jared Robinson, Senior Vice President, Director of Fintech at Legend Bank. “Their product and team are excellent; they are a natural alignment with our strategic focus.”

“Modak’s mission is to help the next generation learn how to manage money with confidence as well as elevating families and communities across the country,” added Santana Gilreath, Senior Vice President, Sr. Risk Management, Compliance & CRA Officer. “As a community bank who wants to enrich our communities, we couldn’t ask for a more mission-aligned partner.”

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.

Inquiries: comms@modakmakers.com

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 $19 Million USD in funding from Notable Capital, Nazca, Monashees, and 25 other leading VCs and angel investors. Learn more at www.modakmakers.com .

Legend Bank, N.A. is a Texas-based community bank with 14 locations throughout North Texas and total assets of over $1.1 billion. 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. Find out more at www.integratelegend.bank.

Julie Valencia
Modak
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