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Short Take: Venture capitalists back NextCard

Online credit card company NextCard received $38 million in venture capital financing from Kleiner Perkins Caufield & Byers and Sequoia Capital among others, the Wall Street Journal reported. Founded in 1996, NextCard offers credit cards through the Internet. Still, the report said NextCard faces stiff competition from traditional card issuers who also have Net offerings, including Bank One which is paying $90 for advertising on Microsoft's MSN Network for five years.

Online credit card company NextCard received $38 million in venture capital financing from Kleiner Perkins Caufield & Byers and Sequoia Capital among others, the Wall Street Journal reported. Founded in 1996, NextCard offers credit cards through the Internet. Still, the report said NextCard faces stiff competition from traditional card issuers who also have Net offerings, including Bank One which is paying $90 for advertising on Microsoft's MSN Network for five years.