MINNEAPOLIS, Sept. 22, 2016 (GLOBE NEWSWIRE) -- Cachet Financial Solutions (OTCQB:CAFN), a leading mobile FinTech provider of cloud-based remote deposit capture (RDC) and mobile money solutions, announced today that it will deploy its Select Mobile™ Deposit solution for Varo Money, Inc., a mobile-only banking start-up.
Cachet’s Select Mobile Deposit will power the mobile deposit functionality for Varo’s new mobile banking app. Cloud-based Select Mobile Deposit will enable Varo’s mobile banking customers to use their smartphone or tablet to deposit checks electronically, anywhere, anytime. Available for iOS or Android devices, users will simply download the Varo mobile banking app and use the camera on their mobile device to snap a photo of the front and back of their check and then submit electronically for deposit to their Varo checking or savings account.
“We’re excited to bring on partners of Cachet’s caliber to support our business,” commented Colin Walsh, Varo’s CEO and co-founder. “Varo is making great progress toward our mission to create a next generation bank, and fast, easy and secure mobile deposit services are a critical part of giving consumers greater control over their finances.”
Varo intends to launch a beta mobile banking product to a closed group of users later this year. In May, Varo announced a round of financing of more than $27 million.
“We’re delighted to help support Varo’s mission to bring next generation banking to consumers,” said Jeffrey Mack, Cachet’s president and CEO. “Cachet’s Select Mobile Deposit enables financial institutions to expand geographic reach beyond physical location to attract a wider audience and new demographics.”
To learn more about Cachet’s Select Mobile Deposit, visit www.cachetfinancial.com, or email info@cachetfinancial.com.
About Cachet Financial Solutions, Inc.
Cachet Financial Solutions is a leading cloud-based, SaaS technology provider serving the financial services industry with mobile money and remote deposit capture solutions for PC, Mac and mobile. Founded in early 2010, Cachet has quickly grown into a technology leader and trusted partner of some of the largest and most respected financial organizations. With remarkable growth, an impressive client base and award-winning technology, Cachet continues to drive innovation and deliver world-class solutions to financial institutions of all sizes.
Cachet believes that its industry-leading solutions can help the company’s clients increase customer retention and revenue opportunities. Cachet's cloud-based technology platform simplifies development, deployment and servicing of consumer and commercial solutions—minimizing cost and accelerating speed-to-market for Cachet’s clients. Enabled by Cachet's suite of business and consumer solutions, financial institutions can better serve the needs of all their customers. For more information, visit www.cachetfinancial.com.
About Varo
Varo Money, Inc. is a financial technology company based in San Francisco, California. Varo was founded on the belief that there is a better way to bank that will help improve the financial outcomes of a generation of consumers. Varo is working with several partners and a panel of millennial advisors to develop and deliver an innovative banking experience in the U.S. For more information please visit www.varomoney.com.
Forward-Looking Statements
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. Words such as "may," "likely," "anticipate," "expect" and "believes" indicate forward-looking statements. These statements involve known and unknown risks, uncertainties and other factors that 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 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 Annual Report on Form 10-K for the fiscal year ended December 31, 2015, filed with the Securities and Exchange Commission on April 14, 2016, under the heading "Risk Factors" and in the other reports we file with the Commission. You are cautioned not to place undue reliance on 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.