Mobile-Only Banking Start-Up, Varo Money, Inc. Selects Cachet Financial Solutions to Deploy Select Mobile Deposit Solution
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.
Varo recently selected Cachet Financial Solutions (CAFN) cloud-based Select Mobile Deposit. Cachet’s Select Mobile Deposit will power the mobile deposit functionality for Varo’s new mobile banking app and 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
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.
Vista Partners recently updated coverage on Cachet Financial Solutions, Inc. (Ticker: CAFN) (“The Company” or “Cachet”) with a twelve-month price target of $21.50.
John Heerdink, Managing Director at Vista Partners, stated, “Cachet enjoys a highly scalable financial technology (“fintech”) SaaS business model with expanding product offerings, recurring revenue streams, extensive cross-sell & upsell opportunities within an existing diverse client base of financial organizations.” Mr. Heerdink concludes, “Cachet’s 2016 revenue guidance reflects an organic revenue growth rate of 84% to 132% year-over-year and after reporting Q2 2016 in August management believes they are on track as they realized 100% YOY revenue growth vs. Q2 2015.”
To download a FREE copy of the Cachet Financial Solutions, Inc. (Ticker: CAFN) research report, please visit http://www.vistapglobal.com and click the “download research” icon to gain access to the report.