WASHINGTON (CNN) -- Former Massachusetts Gov. Mitt Romney released a complete accounting of his first quarter presidential fundraising totals Friday, reporting that he had raised $20.7 million from 32,074 individuals.

Romney's presidential campaign noted that $7.2 million of the total was raised online, according to Romney campaign spokesman Kevin Madden.

In the same time period, the campaign spent roughly $11.57 million, leaving the Massachusetts Republican with a total of nearly $11.9 million cash on hand. Romney personally loaned his campaign $2.35 million late last year.

While Romney's fundraising totals are significantly higher than former New York City Mayor Rudy Giuliani's, a GOP presidential rival, Romney's campaign spent roughly twice as much as Giuliani and the two report nearly equal amounts of cash-on-hand.