Republican U.S. Senate candidate Mike McFadden's campaign said on Thursday that he had raised $700,000 in the last three months and has $1.2 million cash on hand in his quest to oust Democratic U.S. Sen. Al Franken.

The haul gives McFadden, an executive on leave from Lazard Middle Management with no political background, two steady quarters from which to launch his campaign. He raised about $700,000 in the first part of this year.

Before he can face Franken, McFadden will vie against a handful of Republicans who are also gunning for the U.S. Senate. State Sen. Julianne Ortman, state Rep. Jim Abeler and St. Louis County Commissioner Chris Dahlberg are also running for the spot. All fundraising reports are due next week.

McFadden fundraising is pitched against Franken's mammoth fundraising operation. Over the summer, Franken reported pulling in nearly $2 million in a three month period and having more than $3 million cash in the bank.

When Franken first ran, he had $2.4 million cash on hand at this stage of 2007 and had raised $1.9 million in the three months preceding the October finance report. He has tapped a national network of supporters, which includes celebrity friends and high profile politicians, to continue hauling in cash.