CashEdge Secures $18 Million in New Funding From Equity and Strategic Partners to Further Develop CashEdge's Personal Financial Management Service
New York, NY & Milpitas, CA – August 27, 2001 —CashEdge, a leading provider of personal finance management solutions to financial institutions, today announced that it has secured $18 million in Series C funding by a group of investors led by CIBC Capital Partners, that includes 724 Solutions Inc., Royal Bank of Canada, General Atlantic Partners, Capital Z Partners and IRR. This latest round of funding will be used to further develop the potential of the company's core aggregation platform and companion transactional capabilities, to integrate other key areas such as financial analysis and advice, and to develop services for the international marketplace and CashEdge's growing number of partners.
Sanjeev Dheer, CEO of CashEdge, stated, "CashEdge's vision is to empower consumers with both the information and the transaction capability to best manage their day-to-day financial lives, and our new funding will enable us to realize this vision more quickly. With this impressive list of initial equity investors and new strategic investors, we now have an even greater wealth of operational resources and industry relationships at our disposal. Their commitment to CashEdge is evidence that the venture capital market still has a keen eye for companies with sound business plans and offer products and services that meet real consumer needs."
CashEdge is the first and only company to combine the power of financial information aggregation with the technology to transfer funds, as well as execute other types of transactions. With CashEdge's aggregation solution, consumers can consolidate information from their banking, brokerage, credit card and other relationships onto a single Web screen, and then safely and securely execute a transaction such as moving funds between a banking and investment account at differing institutions. CashEdge is the first aggregator to offer a multi-lingual, multi-currency and truly international platform, currently supporting financial institutions in the US, Canada and the UK. CashEdge's funds transfer technology enables financial institutions to offer a broad range of innovative transaction and payments services including risk-managed account opening and funding applications, sweep accounts and inter-account and third-party transfers.
CashEdge's business model is to partner with financial institutions and other distribution channels to provide retail customers worldwide with the value and convenience of a single personal financial 'hub' that they can manage themselves.
Dilip Venkatachari, President of CashEdge, added, "Our aggregation platform and unique transaction technology are designed for the fast growing, increasingly savvy market for online financial services. By enabling consumers worldwide to not only monitor their accounts but immediately act on the information as well, CashEdge is elevating financial management on the Internet to a much higher level of value and sophistication."
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.
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