Enba PLC of Ireland has secured a second round of private equity funding, totaling $47 million, to be used for marketing its Internet-delivered financial services in Europe.
The financing supplements a first round in December that raised $14 million.
"We wanted to get $15 million, but the interest was so great we tripled the sum we were targeting," said Gerhard Huber, the chief executive officer of Enba. He said the $47 million is "enough money to ramp up our business."
Coming in were three new investors -- Morgan Stanley, Dean Witter & Co.; Capital Z Financial Services Fund II LP, the world's largest financial services-focused private equity fund; and CGU PLC, Britain's largest life and general insurance group -- which will be represented on Enba's board of directors.
The board chairman is Sir Nicholas Redmayne, formerly chief executive officer of Kleinwort Benson.
Enba is the holding company for First-e, an Internet-only bank that will formally be introduced in the United Kingdom this week. "We are in the final stages of negotiating some marketing deals," Mr. Huber said.
First-e plans to extend its operations to Germany, Italy, Spain, and France.
First-e was established by Enba in cooperation with Banque d'Escompte of France, and it has received regulatory approval from the French central bank. Another Enba service, Factor-e, plans to offer Internet financial services and products for businesses to offer on a private-brand or cobranding basis.
Enba employs 120 people in Dublin and plans eventually to recruit up to 300 more.
