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companies & people
Innovators’
Spotlight
CACHET FINANCIAL SOLUTIONS
When Cachet Financial Solutions launched an IPO last summer, the Minneapolis-based remote deposit capture (RDC) specialist found no shortage of takers. Investor interest was driven, no doubt, by Cachet’s financial growth—in the three months leading up
to the offering, revenues were up 145 percent compared with the same period the previous year— as well as the early success of the company’s mobile prepaid business.
Founded in 2010 by Jeffrey Mack and Christopher Ebbert, Cachet quickly expanded beyond offering check-to-account loads. “RDC is the umbrella that covers everything we offer,” says Mack, who serves as
By Adam Perrotta, Assistant Editor
Harnessing the power of mobile is a highly sought-after goal for payments and financial services providers.
The companies featured here have focused on mobile technology to grow their busi- nesses, but they’ve also tapped into what will make mobile commerce and financial services sustainable—solving problems
and improving consumers’ lives, whether
by expanding access to financial services, offering mobile deposits and instant access to funds—or even helping them order lunch.
These profiles are summaries of larger articles you can read in full on Paybefore.com.
An RDC pioneer finds suc- cess leveraging the intersec- tion of prepaid and mobile.
company chairman, CEO and president. “Three or four years ago, RDC was mostly limited to a simple check deposit function; now it’s expanded and evolved.” As an example, he points to the com- pany’s Select Mobile
Lending tool, which uses document imaging and data extraction to enable users to apply for short-term loans via smartphones and tablets.
RDC also is a natural partner for prepaid, because
it offers prepaid cardholders a quick and convenient way to reload funds, solving one of prepaid’s most nagging challenges. Recognizing the potential to leverage its RDC capability in the prepaid space, Cachet in October 2013 debuted Select Mobile Money, an app that enables prepaid program manag- ers to offer cardholders mobile check-to-card load- ing, account information, bill pay and more.
Mack says Cachet is continuing to sign new clients and explore ways to leverage the intersection of prepaid and mobile. “This market is going to evolve, and we have to make sure we’re aware of where it’s going so we can be positioned to take advantage
of those changes as they happen.” (Cachet is a 2015 Paybefore Award winner for its NFCU Visa Buxx App. See page 36.)
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