Growing RDC, Mobile Wallet Business Bolsters Cachet IPO (Aug. 7, 2014)
Capitalizing on its recent high-profile moves in the mobile banking space, Cachet Financial Solutions netted nearly $6 million in its Initial Public Offering last month. The Minneapolis-based remote deposit capture (RDC) and mobile wallet specialist sold 4.5 million shares of its common stock to the public, at a price of $1.50 per share, the company said.
Cachet showed strong growth leading up to the offering, with revenue in the three months before the IPO up 145 percent over the same period a year earlier, according to SEC filings. The company also recently landed several clients for its cloud-based mobile platform. In June, Cachet announced it would develop a mobile app for cardholders of program manager and processor FirstView. Later that month, Cachet partnered with Navy Federal Credit Union to implement a mobile money management tool for students. But, perhaps, the company’s biggest recent move was its March acquisition of the Paybefore Award-winning moneto mobile payment platform from DeviceFidelity Inc. The deal enabled Cachet to offer an end-to-end mobile platform to its clients.
See related stories:
