Cachet Financial Solutions Reports Third Quarter 2016 Results

MINNEAPOLIS, Nov. 10, 2016 (GLOBE NEWSWIRE) -- Cachet Financial Solutions, Inc. (OTCQB:CAFN), a leading mobile fintech provider to banks, credit unions and other financial services organizations, reported results for the third quarter ended September 30, 2016.

Q3 2016 Financial and Operational Highlights
  • Revenue increased 124% year-over-year to a record $2.3 million
  • Announced the deployment of Select Mobile Deposit solution for mobile-only banking start-up, Varo Money
  • Selected by Arbiter Sports to deliver an integrated game management and mobile money solution for sports game officials
  • Rolled out with Central Bank of Kansas City an end-to-end reloadable prepaid card program for banks, credit unions, and alternative financial services (AFS) providers
  • Partnered with Rapid Financial Solutions to integrate Select Mobile Money solution with Rapid's payment processing platform
  • Appointed independent directors Ruth Owades, Robin O'Connell, Liyuan Woo, and Jim Spencer to the board of directors
  • Introduced two new major enhancements to Select Business Merchant Capture solution to improve efficiencies and reduce operating costs for banks, credit unions, and their business customers

Q3 2016 Performance Indicators  
RDC Solutions Q3 2016 vs. Q2 2016 Change vs. Q3 2015 Change
Total Transactions 2,465,252 2,421,073   2 % 1,619,713   52 %
Cumulative Products Sold (at Quarter End) 788 685   15 % 491   60 %
Cumulative Live Product Implementations (at Quarter End) 550 492   12 % 354   55 %
Mobile Money Solutions  Q3 2016  vs. Q2 2016  Change  vs. Q3 2015  Change
Quarterly Active Users 188,842 155,575   21 % 93,709   102 %

Q3 2016 Financial Results Revenue in the third quarter of 2016 increased 124% to a record $2.3 million from $1.0 million in the third quarter of 2015. The improvement was driven by an increase in recurring revenue from the company's RDC products, increase in the number of transactions, and increase in the number of product and product enhancement deployments completed in the quarter.

Recurring revenue from the company's RDC and Select Mobile Money products increased 76% to $1.5 million (64.8% of revenue) in the third quarter of 2016 from $847,000 (82.2% of total revenue) in the third quarter of 2015.