CashEdge partners with efinanceworks to accelerate development of comprehensive personal financial management service
Receives $18 million in funding lead by efinanceworks
New York, NY & Milpitas, CA – July 10, 2000 —Investors in Ground-Breaking Company Also Include Marsh & McLennan Capital, Royal Bank of Canada.
Royal Bank Selects CashEdge to Offer Canadian Consumers One-Stop Personal Financial Information.
CashEdge Incorporated, a new on-line company that enables consumers to simplify the management of their day-to-day financial lives, and efinanceworks LLC, the first global business accelerator focused exclusively on efinance, today announced that CashEdge has received $18 million in first-round funding led by efinanceworks. Marsh & McLennan Capital and Royal Bank of Canada also participated in the funding round.
CashEdge is the first company to combine the power of financial information aggregation with a transaction capability. Using CashEdge, consumers can aggregate information from their banking, brokerage and credit card relationships onto a single dashboard. Consumers can then execute transactions and transfer funds between their different bank, brokerage and investment accounts securely and safely with a single point and click. CashEdge’s business model is to partner with financial institutions and other distribution partners to provide customers with the value and convenience of a single personal financial hub.
CashEdge also announced that it has been selected by Royal Bank to offer consolidation of on-line financial information to its 10 million Canadian banking customers. Using CashEdge technology, Royal Bank will become the first bank in Canada to offer account aggregation service allowing customers a single on-line point-of-access to all of their on-line investments, bank information and other personal financial accounts.
Sanjeev Dheer, CEO and co-Founder of CashEdge, stated, “CashEdge’s vision is to empower customers with both the information and the transaction capability to manage their day-to-day financial life efficiently. By partnering with efinanceworks, we gain instant access to its significant operational resources and industry relationships, as well as those of its founders, Capital Z Partners and General Atlantic Partners. We’re very pleased to receive the support and capital of such sophisticated institutions.”
Dilip Venkatachari, President and co-Founder of CashEdge, added, “Royal Bank of Canada’s selection of CashEdge underscores the value of an integrated information and transaction capability to banking customers. CashEdge is unique in its focus exclusively on financial services and its ability to provide consumers with access to a rich depth of financial information. In addition, CashEdge’s funds transfer capability addresses important issues in the on-line marketplace by taking financial management on the Internet to the next level.”
Bill Ford, co-Chairman of efinanceworks and Partner at General Atlantic, said, “CashEdge fills a huge convenience gap in the personal finance marketplace by using the power of the Internet to its fullest. With CashEdge, individuals no longer have to navigate multiple paper statements or Websites in order to manage their finances. Instead they can view a complete and detailed portrait of their financial status and transfer funds among these accounts at a single Website.“
“The highly fragmented financial services landscape provides CashEdge with enormous opportunity to add value for individuals as well as financial institutions. efinanceworks is equipped to make sure that CashEdge can take advantage of this opportunity very quickly and maintain a high level of satisfaction among customers and financial institutions, and we’re very pleased and proud to have CashEdge as an efinanceworks company,” added Mr. Woodham , Managing Director of efinanceworks.
“The CashEdge account aggregation service is a significant step in the evolution of Royal Bank’s Internet strategy,” said Shauneen Bruder, Senior Vice President, North American Markets, Royal Bank. “Our on-line banking users have told us they want choice, convenience and personalization from a source they can trust. Through CashEdge, we will be able to deliver this power directly to them.”
CashEdge was founded by Sanjeev Dheer and Dilip Venkatachari. Mr. Dheer was previously a partner at McKinsey & Co., where he advised financial institutions on a range of strategy and operational issues and was a leader of the Firm's global e-commerce practice. Dilip Venkatachari previously was the general manager at Aspect Communications, and prior to that was CEO and founder of Commerce Soft Inc., the first Internet based customer interaction solution, which was acquired by Aspect Communications. Mr. Venkatachari has also served as vice president for marketing & business development at Tandem Computers, and has worked at McKinsey & Co. and Goldman Sachs.
About efinanceworks
efinanceworks is an independent company focused exclusively on the formation, support and accelerated development of efinance businesses worldwide by providing access to a combination of capital, industry expertise and business-development infrastructure. The company was founded in February, 2000, by Capital Z Financial Services Fund II, L.P., the leading private equity fund focused on the financial services industry, and General Atlantic Partners, a global investment firm focused exclusively on building IT, Internet and Internet-enabled businesses at all stages of development into global market leaders. efinanceworks includes as part of its initial network of service partners a strategic advisory relationship with McKinsey & Co., a premier management consulting firm, to provide the company and its initiatives with strategic advisory and consulting services. efinanceworks also has a strategic alliance with Ernst & Young, one of the world's leading providers of e-business services in assurance, consulting, corporate finance and tax. Based in New York, the company is developing parallel operations in London and Asia. For more information, visit www.efinanceworks.com.
About CashEdge
CashEdge® provides innovative, online financial applications to banks, credit unions and wealth management firms. CashEdge's solutions include end-to-end online account opening and funding, funds transfer, small business payments and invoicing, and data consolidation. These proven solutions are flexible, scalable and supported by extensive risk management capabilities.
CashEdge has been ranked by Inc. Magazine as one of the 500 fastest growing private companies in the United States for two years in a row. In 2007 it was also recognized by the 2007 Deloitte Technology Fast 500 and Fast 50 as one of the nation's 500 fastest growing private companies and one of the 50 fastest growing companies in the New York area, respectively. The company currently serves hundreds of leading financial institutions including four of the top five banks, 23 of the top 100 banks, and 20 of the top 100 credit unions. CashEdge has offices in New York, Silicon Valley and India. For more information, please visit www.cashedge.com.
Contact:
Jennifer Moritz
Zer0 to 5ive
917-748-4006
jmoritz@0to5.com
About Capital Z
Based in New York, Capital Z Financial Services Fund II, LP (CZF II) is a $1.85 billion global private equity fund that focuses exclusively on investments in traditional and on-line financial services companies. CZF II, which was formed in August 1998, is managed by Capital Z Partners, a global alternative asset management firm headquartered in New York City with offices in San Francisco, London and Hong Kong. Capital Z Partners also manages Capital Z Investments, L.P., a $1.5 billion fund which focuses exclusively on investments in private equity funds, hedge funds and other alternative investment vehicles. Since 1990, Capital Z Partners and its predecessor funds have invested in excess of $1.8 billion in nearly 60 transactions - including in excess of $200 million in efinance businesses including investments in ChannelPoint, Inc., Wit Capital Group, Inc., Brodia, Inc., Enba, Ltd., LendingTree, mPower.com, Inc., Derivion Corporation, iExchange.com, Inc., LoanTrader, Inc., HealthExtras LLC, PrimeStreet Corporation, Magex Holdings, plc, efinanceworks, LLC, Trading Edge, Inc., Xigo, Inc. and NewsAlert, Inc. Additional information about Capital Z can be found at its Web site at www.capitalz.com.
About General Atlantic Partners
General Atlantic Partners focuses exclusively on investing in global information-technology, Internet and Internet-enabled businesses at all stages of development. The firm has more than $6 billion in capital under management and $2 billion of capital available for investment. General Atlantic Partners has invested in over 80 companies, including E*Trade Group, Priceline.com, Proxicom, Belle Systems and LHS Group. The firm is unique in its global perspective on information technology, its worldwide presence, its long-term approach to investments, and its commitment to provide sustained strategic assistance aimed at creating maximum value for its portfolio companies. General Atlantic (www.gapartners.com) has offices in Greenwich, New York, Reston, London, Singapore, Tokyo, Hong Kong and São Paulo.