CashEdge Secures New Funding; Investment Comes on the Heels of Partnerships with Key Industry Leaders.Business Editors NEW YORK--(BUSINESS WIRE)--Feb. 3, 2003 CashEdge Inc. (www.cashedge.com), a provider of secure Online Money Movement and Advanced Account Aggregation Account aggregation is a method that involves compiling information from different accounts, which may include bank accounts, credit card accounts, investment accounts, and other consumer or business accounts, into a single place. platforms, today announced that it has successfully concluded a fourth round of funding, securing an additional $5 million led by CIBC CIBC Canadian Imperial Bank of Commerce CIBC Centres Interinstitutionnels de Bilan de Compétences CIBC Commonwealth Institute of Biological Control (Trinidad) CIBC Commercial International Brokerage Company Capital Partners, with participation from other existing investors including RBC RBC red blood cell. RBC or rbc abbr. red blood cell RBC, n See red blood cell count. RBC red blood cells; red blood (cell) count (see blood count). Financial Group. This latest round of funding follows recent partnerships with industry leaders Corillian, Financial Fusion and Digital Insight, and will be used to augment the company's sales and marketing capabilities. "We are very confident in the investment we have made in CashEdge," said Chris Payne, Managing Director of CIBC Capital Partners. "The Company is well positioned to achieve profitability with this additional funding. CashEdge has been successful in securing key clients and strategic partnerships, and is establishing itself as the superior offering in the market. We are pleased to participate in their future." "We want our customers to continue to have the best online banking experience possible," said Tom Wolf, RBC Financial Group, Senior Vice President, eBusiness. "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 North America, third largest continent (1990 est. pop. 365,000,000), c.9,400,000 sq mi (24,346,000 sq km), the northern of the two continents of the Western Hemisphere. . We look forward to working with CashEdge as we continue developing innovative solutions that help our customers achieve their financial goals." "This commitment from our existing investors is a tremendous vote of confidence in CashEdge's business model -- an endorsement that cannot be taken for granted Adj. 1. taken for granted - evident without proof or argument; "an axiomatic truth"; "we hold these truths to be self-evident" axiomatic, self-evident obvious - easily perceived by the senses or grasped by the mind; "obvious errors" in today's environment," said Sanjeev Dheer, chief executive officer of CashEdge. "It speaks to the company's accomplishments, fiscal responsibility, and long-term outlook." CashEdge counts over 30 financial institutions as clients and expects to reach profitability in 2003. In addition to the further development and enhancement of sales and marketing functions, this latest infusion of capital will be applied toward relationships with key business partners and the continued expansion and proliferation of CashEdge's Advanced Aggregation and Online Money Movement capabilities, which enable financial institutions to round out their online banking channels and better serve clients. About CashEdge CashEdge(R) provides infrastructure that global financial institutions rely on to extend their online channels and enhance customer profitability. CashEdge delivers secure Online Money Movement and Advanced Account Aggregation platforms that power specialized retail banking and advisor applications. These proven solutions enable CashEdge's clients to create compelling online offerings that attract customers, generate revenues, and reduce costs. CashEdge serves top-tier financial institutions around the world. Clients and partners include Vanguard, RBC Financial Group, CIBC, Yahoo! Finance, Digital Insight, First Data, TD Canada Trust, NYCE See New York Cotton Exchange. NYCE See New York Cotton Exchange (NYCE). , Laurentian Bank, Financial Fusion and Corillian. CashEdge has offices in New York New York, state, United States New York, Middle Atlantic state of the United States. It is bordered by Vermont, Massachusetts, Connecticut, and the Atlantic Ocean (E), New Jersey and Pennsylvania (S), Lakes Erie and Ontario and the Canadian province of and Silicon Valley. About CIBC CIBC is a leading North American North American named after North America. North American blastomycosis see North American blastomycosis. North American cattle tick see boophilusannulatus. financial institution offering more than eight million personal banking and business customers a full range of products and services through its comprehensive electronic banking network, branches and offices across Canada, in the United States and around the world. CIBC is a leader in electronic banking, with more than 3 million e-banking customers accessing telephone and Internet banking. To find other news releases and information about CIBC, visit the bank's Media Centre at www.cibc.com. About RBC Financial Group Royal Bank of Canada Bank of Canada Canada's central bank, established under the Bank of Canada Act (1934). It was founded during the Great Depression to regulate credit and currency. The Bank acts as the Canadian government's fiscal agent and has the sole right to issue paper money. (TSX TSX Toronto Stock Exchange (TSE before April, 2002) TSX Transfer from Stack Pointer to Index TSX True Space Extension , NYSE NYSE See: New York Stock Exchange : RY) uses the initials RBC as a prefix for its businesses and operating subsidiaries, which operate under the master brand name of RBC Financial Group. Royal Bank of Canada is Canada's largest financial institution as measured by market capitalization Market Capitalization A measure of a public company's size. Market capitalization is the total dollar value of all outstanding shares. It's calculated by multiplying the number of shares times the current market price. This term is often referred to as market cap. and assets, and is one of North America's leading diversified financial services companies. It provides personal and commercial banking, wealth management services, insurance, corporate and investment banking, and transaction processing services on a global basis. The company employs 60,000 people who serve more than 12 million personal, business and public sector customers through offices in North America and some 30 countries around the world. For more information, please visit www.rbc.com. |
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