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CR2 secures second-round funding

10 November 2000  |  2792 views  |  0 CR2 secures second-round funding

Dublin-based CR2 Group, provider of Internet banking, channel management and card payment solutions, has secured a second round of private funding worth $8 million.

Existing investors GIMV, NIB Capital and ACT venture capital have been joined by Goodbody Stockbrokers and AIB Corporate Banking, says the company.

The additional investment promises a direct boost to the development of CR2's channel banking strategy and has led to a post evaluation of the CR2 Group worth US $88 million, the company states.

The Group says it will continue to integrate its flagship BankWorld channel management suite of products with the ATM and POS technologies acquired following the purchase of Interlink in June 2000.

Ron Downey, joint CEO, CR2 says: "As an independent business, we see strong demand for our technology and solutions, fuelled by the increasing need for Internet banking software, a rapidly growing private investment culture and the accelerating adoption of channel management solutions by banks."

The company is relocating to a bigger office in Park West, Dublin, and has established Indian and Czech operations to provide additional support for its Eastern European and Asian-based clients. The company also plans to open international sales offices in the US and Far East increasing employee numbers by 50 per cent by the end of Q3.

To date, CR2 has raised $28.6 million since it was co-founded by Cian Kinsella and Ron Downey in 1997, former founding directors of Misys Group company Kindle Banking Systems.

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