RealTime IT News

Europe's First Internet-Only Bank Raises $46 Million

first-e, Europe's first Internet-only bank, Wednesday announced that it has raised 45 million euros (US$46 million) in second round financing as it prepares for its official launch next week.

Three new investors -- Capital Z Financial Services Fund II llc, CGU PLC and Morgan Stanley & Co. International Ltd. -- will join the board of directors for enba, the Dublin-based parent company of first-e.

Intel Corp. (INTC), Apax Partners, Aureus AG, Invision AG and Vertex participated in the first round of funding and returned for the second.

The holding company expects first-e's official launch to take place next week in the UK, with rapid expansion into the German, Italian, Spanish and French markets.

The service was developed in cooperation with French bank Banque d'Escompte. first-e, which has already had its soft launch, is currently operating under the Banque d'Escompte's banking license.

Another enba subsidiary, factor-e, will offer additional online financial services to other companies.