After a couple of weeks of negotiations, Joe Biden’s presidential campaign and the Democratic National Committee officially reached an agreement to begin joint fundraising as they aim to oust President Trump from the White House and defeat Republicans in down-ballot races.

A DNC official confirmed to Fox News that the new joint venture will be called the ‘Biden Victory Fund.’

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The teaming up by the Biden campaign and the national party committee comes after both enjoyed their best fundraising month of the 2020 election cycle. The former vice president hauled in $46.7 million in March, thanks to sweeping primary victories that cleared all but one rival from the race as much of the party coalesced around the all-but-certain presumptive nominee. And the DNC raked in $32 million last month.

The president’s re-election campaign and the Republican National Committee hauled in $63 million in March. The two have been building their fundraising juggernaut since early 2017 and as of the beginning of April had a combined $240 million cash on hand. The forging of forces by Biden’s team and the DNC will help as both try to trim the massive campaign cash disadvantage they currently face.

As Fox News previously reported, talks between the Biden campaign and the DNC over joint-fundraising began shortly after Sen. Bernie Sanders of Vermont – Biden’s last remaining rival for the nomination – suspended his campaign on April 8.

Under the agreement, dollars will be allowed to give up to $360,000 to the new joint-venture. But only a percentage of that total amount would go to Biden’s campaign, with the rest heading into the DNC’s coffers.

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A DNC official on general election planning tells Fox News that the initial deal is only between the Biden team and the DNC, with partnerships between the Biden campaign and state Democratic parties to be explored in the near future.

As part of the agreement, the national party’s chief executive officer – Seema Nanda – is departing and is being replaced by senior advisor Mary Beth Cahill – who had previously served in that capacity with the DNC. Cahill also managed then-Sen. John Kerry’s 2004 presidential campaign. The former senator from Massachusetts and secretary of state during President Obama’s second term is a leading supporter and surrogate for Biden.

Cahill emphasized that "our goal is to ensure that we put Joe Biden in the best position possible to beat Donald Trump, and this joint fundraising agreement allows us to do just that.”

DNC chairman Tom Perez praised Nanda, who’s tenure at the party included the 2018 midterm elections, when Democrats won back the House of Representatives.

“Because of her work, we as a party are more unified and in a strong position to beat Donald Trump,” Perez said. “Mary Beth will bring her decades of experience and strategy to ensure that Joe Biden becomes the President of the United States and Democrats win at every level.”

Fundraising may be more difficult moving forward, with most Americans huddling at home in hopes of preventing the spread of the coronavirus pandemic. With in-person fundraisers an impossibility due to social distancing rules, Biden’s now holding virtual fundraisers.

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Biden said on March 15 that he had already raised $33 million in the first half of March. But that was before the outbreak had fully grounded the country’s economy. Biden brought in less than $14 million in the second half of the month.

At a recent virtual fundraiser, Biden lowered expectations for April.

“I know that April may not match March in fundraising, and that’s okay by me. The world has changed a great deal. It’s unrecognizable at times. Your family and your community need your generosity and strength now more than ever,” Biden said.

But late last week, Biden said he raised $5 million in the two days after he was endorsed by his old boss former President Barack Obama and by two key rivals: Sen. Elizabeth Warren of Massachusetts, who dropped out of the race in early March but remained neutral, and Sanders.

“We're raising more money than we ever raised because they're going out to their people and saying, ‘It's time to give your five bucks, it's time to help.’ They're going into their lists as well,” Biden said last week at a virtual fundraiser.