AnnuityNet, which provides an online annuity platform for Bank One Corp. and plans additional bank sites, has raised $20 million through Conning Capital Partners.
As part of the financing, someone from Conning Capital, a financial services private equity group, is to join the AnnuityNet board of directors. Conning invested $7 million; other investors included FBR Financial Fund II and Liberty Financial Cos.
The $20 million is a second round of funding for AnnuityNet of Leesburg, Va. It is intended to let the firm continue to sell and service annuities over the Internet, as well as through private-labeled affiliate financial Web sites. The company administers and services Bank One's Web site, and it is cutting deals with about a dozen more banking companies, said Shane Chalke, president and chief executive officer.
AnnuityNet is building an annuity platform for TD Waterhouse, Mr. Chalke said.