InteliData Technologies Corp. , which develops electronic banking and bill payment technology, has secured $7.46 million in gross proceeds through a private sale of 2.7 million shares of its common stock to a group of institutional investors. The financing included two-year warrants to purchase 1.3 million shares, which would result in an additional $3.73 million.
With a client list that includes 21 of the top 50 banks, InteliData sells Spectrum certified EBPP products to banks, credit unions and financial institution processors. InteliData’s products offer an end-to-end solution for distributing e-bills and e-payments through multiple delivery channels, delivering e-bills to consumers, and allowing payment of bills through multiple payment processors.
The Reston, Va.-based InteliData’s Internet banking and card products provide large financial institutions with real-time, Internet based banking and card services to their customers.
“We are certainly pleased with the fact that we were able to bring several institutional investors on board at a time when so many other technology companies are finding it difficult to raise money in the capital markets,” said Al Dominick, InteliData’s president and chief executive officer. “This was a move to add to our shareholders’ and customers’ confidence in being a part of InteliData’s success over the long haul.”