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Magnet completes $18 million funding round

17 May 2002  |  839 views  |  0 Magnet completes $18 million funding round

US-based banking technology vendor Magnet Communications has secured an additional $9.4 million in equity capital to complete its current $18 million round of financing.

Conning Capital Partners and Total Technology Ventures, as well as several existing Magnet investors provided the additional funding on top of the $8.6 million already raised.

The majority of the new capital raised is expected to go toward expansion opportunities.

Magnet offers a suite of integrated cash management applications enabling financial institutions to target multiple customer segments from a single platform with customised cash management services.

Steven Piaker, partner with Conning Capital Partners, says: "Magnet's technology offers the flexibility and breadth of options banks require to deliver tailored services, and it has the marketing expertise to help banks drive adoption."

Piaker will join Magnet's board of directors.

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