Digital Insight Gets Funds for Home Banking

Digital Insight in Camarillo has received a cash infusion of $8 million from two investors to help it further develop its home banking business.

The company will receive a first-time investment of $5 million from HarbourVest Partners LLC and a second-round investment of $3 million from Menlo Ventures to be used for general corporate purposes.

“This round of funding for our company signals our commitment to the financial community that we are here to make an impact in online financial services,” said Paul Fiore, president and chief executive officer. “Our tremendous growth in the last year was a clear indicator of why these companies wanted to invest in our company.”

HarbourVest Partners is a company devoted to funding online information services ventures. Menlo Ventures, a private partnership providing capital and management support to early-stage and emerging-growth companies, is completing its original $6-million funding deal initiated last March.

In the last year, Digital Insight grew from approximately 20,000 consumers using online home banking to more than 100,000. The company also installed 40 new home-banking systems in financial institutions, including Home Savings of America.

In addition, Digital Insight has more than 130 home-banking clients under contract and serves more than 260 clients.