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May 29, 2015 4:34 AM ET


Company Overview of Cachet Financial Solutions, Inc.

Company Overview

Cachet Financial Solutions Inc. provides cloud-based Software-as-a-Service (SaaS) remote deposit capture (RDC) solutions in the United States, Canada, and Latin America. RDC is a service that allows a business or consumer to scan checks and transmit the scanned images to a financial institution for posting and clearing or cashing and loading remotely to a pre-paid debit card. The company offers RDC Select, a cloud-based and hosted SaaS platform for institutions to manage their own RDC operations. It also provides a cloud-based SaaS RDC Select Mobile product, which allows the users to take a picture of the front and back of the check and deposit to their account at their financial institution...

Southwest Tech Center A

18671 Lake Drive East

Minneapolis, MN 55317

United States

63 Employees





Key Executives for Cachet Financial Solutions, Inc.

Chairman, Chief Executive Officer and President
Age: 61
Total Annual Compensation: $248.0K
Executive Vice President of Product Development
Age: 48
Total Annual Compensation: $175.0K
Executive Vice President of Sales
Age: 56
Total Annual Compensation: $175.0K
Compensation as of Fiscal Year 2013.

Cachet Financial Solutions, Inc. Key Developments

Cachet Financial Solutions to Deploy Prepaid Mobile Platform for CashPass Network of Prepaid Card Distributors

Cachet Financial Solutions announced that it will deploy its Select Mobile Money platform for CashPass Visa Prepaid Debit Card program. The company's SaaS-based Select Mobile Money app will enable CashPass Visa cardholders to choose from a variety of services to help them better manage their prepaid cards and money, including account management, transaction history, card-to-card transfer, and other valuable services. The app will also feature location-based technology that can pinpoint nearby reload locations and ATMs. Powerful back-end analytics will enable CashPass Visa card distributors to segment customers based on behavior and send relevant marketing notifications to keep their customers engaged. The CashPass Visa Prepaid Debit Card is issued by Metropolitan Commercial Bank of New York (member FDIC) and is accepted wherever Visa is accepted.

National Check and Currency Selects Cachet's Commercial RDC Solution to Offer its Money Service Business Clients

Cachet Financial Solutions, Inc. has deployed its Select Business remote deposit capture (RDC) platform for National Check & Currency's growing clientele of over 100 Money Service Businesses operating in over 3,000 domestic and international locations. NCC provides redundant banking and check clearing services with emphasis on speed and compliance. Through its partnership with Cachet and use of Cachet's Select Business, a cloud-based software solution, NCC offers clients the ability to electronically cash customer checks on-site using an internet enabled scanner or mobile device. Further mitigating risk and preserving data integrity, the data is scrubbed and analyzed as it flows through the settlement process. For those clients needing a verification process, NCC offers clients the ability to verify and approve checks before being uploaded to NCC's friendly banking partners.

Cachet Financial Solutions, Inc. Announces Unaudited Consolidated Earnings Results for the First Quarter Ended March 31, 2015

Cachet Financial Solutions, Inc. announced unaudited consolidated earnings results for the first quarter ended March 31, 2015. For the quarter, the company reported revenue of $1,005,439 against $476,482 a year ago. The increase was driven by growing adoption of the company's Select Mobile RDC solutions, along with new product offerings, CheckRisk Pro and Select Mobile Money. Operating loss was $2,801,832 against $2,046,530 a year ago. Net loss was $3,164,487 or $0.17 per basic and diluted share against $2,871,883 or $0.47 per basic and diluted share a year ago. Adjusted LBITDA was $2,539,318 against $1,945,977 a year ago. Adjusted operating loss was $2,583,677 against $1,958,768 a year ago. Adjusted net loss was $2,716,668 or $0.14 per basic and diluted share against $2,619,235 or $0.43 per basic and diluted share a year ago.

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