Europe's First Internet-Only Bank Raises $46 Million
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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.
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.
Another enba subsidiary, factor-e, will offer additional online financial services to other companies.