Finovate alum Cachet Financial Solutions (FinovateFall 2012) has announced its acquisition of Moneto, the prepaid mobile platform, from another Finovate alum, DeviceFidelity.
Calling prepaid “one of the fastest growing financial product sectors,” Cachet CEO and President Jeffrey Mack said, “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.
While Moneto is the main prize in the acquisition, there is more to the package than the prepaid mobile platform alone. Cachet Financial will also gain a core VISA prepaid mobile money platform, and strategic relationships with partners like Navy Federal Credit Union, MasterCard, and Moneygram.
The Moneto platform provides clients with a variety of features including:
- card loading
- card balance and history
- loyalty and rewards
- person-to-person (P2P) transfers
- expedited bill pay and remittance
- instant “Good Funds” to load card by check
Moneto also enables contactless payments for both iOS and Android smartphones. The mobile app allows the user to access his or her prepaid card from their mobile device, as well.
Cachet Financial is known for its remote deposit capture (RDC) technology, which leverages technology from Mitek (yet another Finovate alum) to provide solutions for financial institutions, credit unions and consumers alike. The company is based in Minneapolis, Minnesota, and was founded in 2010.
See DeviceFidelity demo moneto in the video from the company’s FinovateSpring appearance in 2012 here.