 |
1998 Press Releases
nFront Financing
|
-nFRONT SECURES $2.5M IN FIRST-ROUND FINANCING-
Leading Internet Banking Solution Provider Adds New Member to Board of Directors
ATHENS, GA. (June 1, 1998) - nFront, Inc., the leading provider of full-service Internet banking for community banks and winner of Microsoft's Best Internet Banking Solution Award, announced today it has secured $2.5 million in its first round of financing. Atlanta-based venture capital firm Noro-Moseley Partners (NMP), which manages the largest venture capital fund in the Southeast, is the principal investor.
"As a result of this first round of financing, nFront will expand its aggressive sales and marketing initiatives to support the rapidly increasing demand by community banks across the nation for secure, full-service Internet banking products and services," explained Tripp Rackley, chairman and chief executive officer of nFront. "nFront has more than tripled its customer base since January, and we expect the demand for our proven, highly customizable solution to continue as more and more community banks look to the Web as a convenient and cost-effective retail delivery channel."
According to a recent survey by Grant Thornton LLP, the majority of community banks intend to offer Internet banking within the next five years, while today, only two percent offer Web site transactions.
"This funding will further allow nFront to expand its Internet banking data center to meet the growing needs of a rapidly increasing customer base and product line," continued Rackley. "The company also will expand its implementation department to ensure the continued timely implementation of its Internet banking solution." nFront currently is averaging five implementations per month.
In addition, the funding will enable nFront to continue in its research and development efforts, allowing the company to remain at the forefront of this emerging industry.
The company also announced today the appointment of Charles D. Moseley, Jr., NMP partner and founder, to nFront's board of directors. "We are extremely pleased to be working with such a highly respected venture firm, and especially proud to add Charlie Moseley to our board of directors," said Rackley. "His contributions in the areas of ongoing strategy development, organizational growth, key personnel recruitment, and financial planning will be invaluable as nFront continues to grow to meet the needs of a rapidly evolving industry."
Noro-Moseley Partners
Over the past 15 years, Atlanta-based Noro-Moseley Partners has established four limited partnership funds with investments in over 90 companies throughout the Southeast. Most of NMP's investments are in small to medium-sized, private growth companies from a broad array of industries with concentrations in software, communications, technology, healthcare, retail and services.
nFront
Founded in 1996, nFront, Inc. (www.nfront.com) is the leading provider of full service Internet banking solutions for community banks. Based in Athens, GA, nFront provides a turnkey solution offering development and implementation services, web site design, hosting and maintenance, customer service training and support, and marketing consulting. nFront also is the recipient of Microsoft's Retail Banking Industry Solution Award for Best Internet Banking
Solution.
