US-based banking technology vendor Magnet Communications has secured $8 million in equity financing from several investors including CoralVentures, Cordova Ventures, LiveOak Equity Partners, Saints Ventures, SunTrust Banks, Washington Mutual and Silicon Valley Bank. The latter company has also granted Magnet a $5 million credit facility.
Magnet will use the current funding to fuel the development of its new products, including its online corporate banking and cash management solution BizBankingWorks for Small Business, introduced earlier this month.