CashEdge wins $5 million funding

CashEdge wins $5 million funding

Account aggregation vendor CashEdge has secured $5 million in fourth round funding, led by CIBC Capital Partners, with participation from other existing investors including RBC Financial Group

This latest round of funding follows recent partnerships with banking system vendors Corillian, Financial Fusion and Digital Insight, and will be used to augment the company's sales and marketing capabilities.

Chris Payne, managing director of CIBC Capital Partners says CashEdge is well positioned to achieve profitability with the aid of the new funding. CashEdge counts over 30 financial institutions as clients and expects to reach profitability in 2003.

Tom Wolf, RBC Financial Group, SVP, e-business says: "Our ongoing relationship with, and investment in CashEdge make it possible for our customers to get a holistic view of their finances held with RBC and other financial institutions in North America."

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