Magnet Communications, Inc., a company that bills its services as “Web-based cash management and business banking solutions for financial institutions of all sizes, says it has obtained a $9.4 million equity line to complete its current $18 million financing round.

The new cash infusion, led by Conning Capital Partners and Total Technology Ventures, and other existing Magnet investors, is expected to be used for expansion, according to a statement released by the company.

The financing was announced today.

Earlier this week, Magnet also announced its management team. David McCampbell was named the company’s new Senior Vice President and Chief Technology Officer, and Bob Augestad was named Senior Vice President and Chief Quality Officer. They are newly created positions.

In a prepared statement Steven Piaker of Conning Capital Partners says: “Magnet has tremendous potential to capitalize on this opportunity. Its technology offers the flexibility and breadth of options banks require to deliver tailored services, and it has the marketing expertise to help banks drive adoption.”

Magnet Communications Web site: