Former UN Ambassador Nikki Haley raised $24 million during the fourth quarter of 2023, more than double what she raised during any other period of the campaign, her campaign said Wednesday.

Why it matters: The fundraising blitz underscores her 11th hour momentum before Iowa, where a strong finish could propel her over Florida Gov. Ron DeSantis as the top alternative to former President Trump.

Driving the news: Haley's campaign said Wednesday that it had $14.5 million cash on hand going into 2024.

• Her campaign also touted grassroots enthusiasm behind her bid, saying that she raised $16.25 million from digital and mail grassroots efforts. Several GOP mega-donors have also backed her.
• The fourth quarter fundraising totals are more than double the $11 million she raised during the third quarter and triple the $7.3 million she raised during the second quarter.

The big picture: Haley won pivotal endorsements and the backing of deep-pocketed donors during the final stretch of 2023, giving her a boost before the Jan. 15 Iowa caucuses.

• "This is a two-person race between Nikki Haley and Donald Trump," Haley campaign manager Betsy Ankney said in a statement.

Reality check: Haley and DeSantis are neck and neck for second place in national polls as well as in Iowa, and both trail Trump by upwards of 30 points in Iowa and around 50 points nationally.

• Trump has dominated the 2024 cash race, bringing in more than $45.5 million during the third quarter.
• DeSantis, who has not yet announced his fourth quarter fundraising numbers, raised $15 million during the third quarter. All candidates have until the end of the month to file their official year-end fundraising reports with the Federal Election Commission.

Go deeper: Nikki Haley's anti-Trump ceiling