Cachet seeking $20 million in a public offering for mobile wallet

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By Patrick Kennedy, Star Tribune

Cachet Financial Solutions of Minneapolis has filed an initial registration statement with the Securities and Exchange Commission looking to raise about $20 million through a public stock offering.

The company is developing mobile wallet solutions for customers of banks, credit unions, prepaid card programs, check cashing services and payday lenders. The company uses remote data capture technology that allows customers to scan checks with cameras on their smartphones or other devices and then transmit the scanned image to a bank or other financial institution for posting and clearing using Cachet’s cloud-based “Software-as-a-Service’’ platform.”

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