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Cachet Financial Solutions Announces Acquistion of Prepaid Mobile Platform Business Unit From DeviceFidelity(March 11, 2014)
MINNEAPOLIS, March 11, 2014 (GLOBE NEWSWIRE) -- Cachet Financial Solutions, a leading provider of remote deposit capture solutions (RDC), announced today that it has acquired DeviceFidelity's Moneto prepaid mobile platform and a core VISA prepaid mobile money platform. In addition to the core VISA prepaid mobile money platform and the prepaid mobile application platform, the acquisition includes strategic relationships with Mastercard, MoneyGram and Navy Federal Credit Union. Cachet's expanded prepaid mobile offering will provide program managers, processors, banks and credit unions the ability to provide their customers a convenient and feature rich prepaid mobile application.
"Prepaid represents one of the fastest growing financial product sectors," said Jeffrey Mack, President and CEO of Cachet. "As a leading prepaid solutions provider over the last three years, we've witnessed the growth in prepaid, as well as the opportunity for financial service providers to extend the life of their prepaid card programs by offering a more robust prepaid mobile experience to their customers."
The Moneto prepaid mobile platform architecture provides clients the flexibility to add new features within weeks, such as cash loading; instant "Good Funds" for check to card loads; card balance and history; loyalty and rewards; person-to-person transfers; expedited bill pay and remittance. The feature rich mobile application allows users to easily access, manage, and use their prepaid card right from their mobile phone. Additionally, the platform also offers clients an optional mobile payment feature that enables NFC on the iPhone and Android devices, for contactless payments.
"This acquisition is a perfect complement to Cachet's current RDC mobile prepaid offering and demonstrates our strategic evolution to a more comprehensive mobile offering," added Mack. "We look forward to enhancing DeviceFidelity's prepaid mobile platform's already outstanding reputation by continuing to develop added value, customer centric features that help our clients to expand their customer base and build their businesses."
To learn more about Cachet's prepaid mobile platform or other solutions, contact Cachet Financial Solutions at [email protected] or 1.877.318.4449.
About Cachet Financial Solutions Inc.
Cachet Financial Solutions is a leading financial services technology company specializing in commercial and consumer remote deposit capture (RDC) solutions for Mac, PC and Mobile. Our industry-leading platform has simplified the process of developing, deploying and servicing remote deposit capture (RDC), minimizing cost and accelerating speed-to-market and ROI for our clients. With our complete suite of business and consumer solutions, financial institutions can better serve the needs of all their customers/members. For more information on how Cachet can help you Unleash the Power of RDC, call 1.877.318.4449 or email [email protected].
Cautionary statement regarding forward-looking information
This press release contains certain statements that would be deemed "forward-looking statements" under Section 27A of the Securities Act and Section 21E of the Securities Exchange Act of 1933 and includes, among other things, discussions of our business strategies, future operations and capital resources. Words such as "may," "likely," "anticipate," "expect" and "believes" indicate forward-looking statements.
These statements involve known and unknown risks, uncertainties and other factors which may cause our actual results, performance or achievements to be materially different from any future results, performances or achievements expressed or implied by the forward-looking statements. Forward-looking statements include statements about:
our estimates of future expenses, revenue and profitability;
trends affecting our financial condition and results of operations;
our ability to obtain customer orders;
the availability and terms of additional capital;
our ability to develop new products;
our dependence on key suppliers, manufacturers and strategic partners;
industry trends and the competitive environment;
the impact of losing one or more senior executive or failing to attract additional key personnel; and
other factors referenced in this memorandum, including those set forth under the caption "Risk Factors."
Forward-looking statements reflect our current views with respect to future events, are based on assumptions and are subject to risks and uncertainties. We discuss many of these risks in greater detail in our Current Report on Form 8K filed with the Securities and Exchange Commission on February 12, 2014 under the heading "Risk Factors" and in the other reports we file with the Commission. Given these uncertainties, you should not attribute undue certainty to these forward-looking statements. Also, forward-looking statements represent our estimates and assumptions only as of the date of this press release. Except as required by law, we assume no obligation to update any forward-looking statements publicly, or to update the reasons actual results could differ materially from those anticipated in any forward-looking statements, even if new information becomes available in the future.
CONTACT: Judy German
Cachet Financial Solutions
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