A Republican challenger to Sen. Al Franken, D-Minn., announced Thursday that he raised $700,000 in the third quarter.

Mike McFadden, a finance executive, is one of a handful of Republicans vying to take on the first-term Democrat. After two quarters of fundraising, McFadden has now brought in nearly $1.5 million and had $1.2 million in cash on hand as of Sept. 30.

Those solid numbers likely keep him ahead of the GOP pack but still behind the incumbent. Franken, who has not yet released his third-quarter fundraising total, has so far this year been on a fundraising tear. He raised nearly $2 million last quarter and had $3 million in cash on hand by the end of June.

Other Republicans in the race include state Sen. Julianne Ortman, state Rep. Jim Abeler, St. Louis County Commissioner Chris Dahlberg and bison farmer Monti Moreno.

“In four months, Mike McFadden has established himself as the only Republican in this race with the right message, and resources, to compete against Al Franken,” McFadden campaign manager Brad Herold said in a statement.

The race is currently rated Safe Democrat by Rothenberg Political Report/Roll Call.