NeoSaej Secures $7 Million in Funding
Leading Developer in Online Auction Marketplaces to Expand Product Offerings Beyond High-Yield Savings Accounts and Certificates of Deposit
BURLINGTON, Mass.--(BUSINESS WIRE)--NeoSaej, a leader in online auction
marketplaces and developer of MoneyAisle.com,
the first and only Web site where banks competitively bid for customers
through live secure auctions, today announced it had closed $7 million
in funding, bringing its total funds raised to over $10.5 million. A
large Boston-based money management firm was the lead investor and
several other investors also participated, including Stata Venture
Partners II and NeoNet LLC. NeoSaej plans on using the funds to develop
new auction marketplaces and expand products offered by MoneyAisle,
neoSaej’s first online marketplace.
"The interest in the MoneyAisle site on the part of both consumers and
the banking industry has been very gratifying," said Mukesh Chatter,
president and CEO of neoSaej. "After being live for just one month, our
consumers are receiving better rates than well-known banking aggregator
sites for some of the most popular financial products on the market."
“We are excited about the growth that lies
ahead for neoSaej and MoneyAisle,” said Ray
Stata, neoSaej's chairman and general partner at Stata Venture Partners
II. “The recent launch of MoneyAisle has shown
great success in using the power of the Web to transform the way
consumers buy certificates
of deposit and high-yield
savings accounts through live, on-demand auctions among banks. We
have plans to provide more innovative products and services to meet the
growing needs of Web 2.0 consumers.”
MoneyAisle is the only consumer
site where sellers actively compete with each other in live auctions for
each unique buyer in real-time. Auctions are free, can be initiated at
any time, 24/7, and the best available rate among participating banks,
secured through an iterative auction, is provided in just a couple of
minutes. This innovative model, powered by neoSaej’s
patent-pending technology, conducts competitive shopping on behalf of
the consumer and shifts the buyer's burden to find the best rates onto
the sellers.
Please visit the MoneyAisle site at www.moneyaisle.com
to test drive a live auction. MoneyAisle has also launched a consumer
blog at blog.moneyaisle.com.
About MoneyAisle
MoneyAisle is the
next-generation e-commerce auction marketplace that provides consumers
with great rates on CDs and high-yield savings accounts while helping
banks efficiently attract new customers. MoneyAisle’s
methodology is simple: banks competitively bid for every customer in
live auctions. NeoSaej’s patent-pending
MoneyAisle technology creates a safe platform for consumers to secure
great deals on financial services and products. You can watch your
auction unfold in real time. Unlike other online auction marketplaces,
MoneyAisle lifts the buyer’s burden by
providing free on-demand live auctions
About neoSaej, Corp.
NeoSaej is a leading developer of
online auction marketplaces focused on utilizing the advantages of the
Web to empower consumers. MoneyAisle, neoSaej’s
first marketplace, provides consumers with great rates on CDs and
high-yield savings accounts.
For neoSaej
Danielle Stead, 781-487-4615
neosaej@racepointgroup.com