President Joe Biden's re-election campaign announced Saturday that it raised more than $187 million in the first quarter of 2024, including $90 million in March alone, according to reports.

The campaign said it began April with $192 million cash on hand, more than double the $93 million in cash Donald Trump's campaign has on hand, CBS News reported.

"It's a stark contrast to Trump's cash-strapped operation that is funneling the limited and billionaire-reliant funds it has to pay off his various legal fees," Biden-Harris campaign manager Julie Chavez Rodriguez said in a statement.

Meanwhile, the Trump campaign said it is hoping to raise more than $40 million during a fundraiser Saturday at the Florida home of John Paulson, the billionaire hedge fund manager, the Associated Press reported.

"The response to our fundraising efforts has been overwhelming, and we've raised over $43 million so far," Paulson said. "There is massive support amongst a broad spectrum of donors."

Biden's campaign has been outpacing that of his political rival as the 2024 presidential election begins to gain steam.

Biden last month pulled in more than $25 million during a star-studded fundraiser with former Presidents Bill Clinton and Barack Obama at Radio City Music Hall in New York City.

The Biden campaign said Saturday that 96% of the donations in the first quarter were under $200, and that more than 1.9 million contributions came from more than 1.1 million donors, Reuters reported.

The campaign also said that it had more than 212,000 sustaining donors, more than double the amount it had during the 2020 contest, the report said.

Part of the funds raised by the Trump event at Paulson's Palm Beach home will go toward helping the former president pay his legal fees.

Contributions will go toward the Trump 47 Committee, which has a joint fundraising deal with the Republican National Committee, state GOP committees and Save America that pays much of Trump's legal bills, the Associated Press reported.

The committee is asking donors to contribute up to $814,600 per person.

Of that, $5,000 will be directed to Save America.

Trump has raised more more than $250 million since leaving the White House in Jan. 2021, but spent more than $100 million on legal bills, the New York Times reported in March.

Trump, who is scheduled to be in court April 15 in New York City for his hush-money trial, also faces criminal charges for allegedly storing classified documents at his Florida home, his role in the Jan. 6, 2021 riot at the U.S. Capitol, and for trying to interfere in the resuls of the 2020 election in Georgia. He has denied wrong-doing.