July 24, 2016 9:37 PM ET

Software

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’s RDC products include Select Business Merchant Capture, which provides a financial institution’s business customers with the ability to scan and deposit checks from their PC, Mac computer, or mobile device; and Select Mobile Deposit, which allows a financial organization to offer their consumer customers th...

Southwest Tech Center A

18671 Lake Drive East

Minneapolis, MN 55317

United States

57 Employees

Phone:

952-698-6980

Fax:

952-698-6999

Key Executives for Cachet Financial Solutions, Inc.

Chairman, Chief Executive Officer, President, Chairman of Executive Committee, Member of Audit Committee and Member of Corporate Governance Committee
Age: 63
Total Annual Compensation: $310.0K
Chief Information Officer and Executive Vice President
Age: 53
Total Annual Compensation: $196.1K
Executive Vice President of Sales
Age: 58
Total Annual Compensation: $220.0K
Compensation as of Fiscal Year 2015.

Cachet Financial Solutions, Inc. Key Developments

Rapid Financial Solutions Partners with Cachet Financial Solutions, Inc. to Deliver Mobile Money Solutions to More Than 2 Million Cardholders

Cachet Financial Solutions, Inc. announced that Rapid Financial Solutions will integrate Cachet’s Select Mobile Money SaaS solution with its RFS payment processing platform. Cachet’s Select Mobile Money will support Rapid’s portfolio of nine prepaid card programs by providing a companion app for iOS or Android mobile devices. The mobile app will offer Rapid’s more than 2 million cardholders a variety of convenient services to help them better manage their prepaid cards and personal funds, including account management, transaction history, card-to-card transfer, check-to-card loading with immediate good funds option, and other convenient services. The app will also feature location-based technology that can pinpoint nearby reload locations and ATMs, as well as a national mobile coupon network with local deals. Advanced features will include fingerprint authentication and multi-language support.

Cachet Financial Solutions, Inc. Enters into an Amendment to Borrowing Agreement with Michael J. Hanson

On July 7, 2016, Cachet Financial Solutions, Inc. entered into an amendment #3 to borrowing agreement with Michael J. Hanson, a director of the company, in connection with a revolving line of credit note entered into by the parties on May 7, 2014 (as subsequently amended). Pursuant to that amendment, which is effective as of June 30, 2016, the parties agreed that the company make interest-only payments on January 31, 2017 and not on June 30, September 30 and December 31, 2016 as previously agreed upon by the parties.

Cachet Financial Solutions Offers Check Cashers and Other Merchants Better Ways to Manage Remote Check Deposits and Returns

Cachet Financial Solutions, Inc. has introduced two new major enhancements to its Select Business™ Merchant Capture solution for banks and credit unions. As a cloud-based, multi-platform software solution, Select Business saves business customers a trip to the bank or credit union by allowing electronic check deposits via a desktop scanner, tablet or smartphone. It also helps businesses to manage their check deposit activity more efficiently and effectively by automatically recognizing checking account information and displaying previously entered account notations. The latest release of Select Business Merchant Capture now features the ability to custom label up to eight note fields. The fields can be labeled for phone numbers, driver licences, social security or account numbers, or any information a business wants to collect and track. The content associated with these fields is fully searchable and reportable. The second major new feature for Select Business allows merchants to review and resubmit returned checks that have been deposited via Select Business but returned by the Federal Reserve. The new returns processing feature empowers merchants to easily manage their own returns rather than relying upon their financial institution. Robust reporting capabilities also allow merchants to identify questionable accounts and stop bad checks before they enter the system, saving both merchants and financial institutions time and money.

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Recent Private Companies Transactions

Type
Date
Target
Private Placement
July 14, 2016
--
Private Placement
July 13, 2016
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Private Placement
June 1, 2016
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