Cachet Financial Solutions is expanding its prepaid mobile offering with the acquisition of DeviceFidelity's Moneto prepaid mobile platform and core Visa prepaid mobile money platform. In addition, the purchase of DeviceFidelity's prepaid mobile business unit provides Minneapolis-based Cachet with strategic relationships with MasterCard, MoneyGram and Navy Federal Credit Union.

The acquisition of Moneto and the Visa prepaid mobile money platform complements Cachet's existing remote deposit capture mobile prepaid product, Jeffrey Mack, Cachet's president and CEO, said in a statement. Cachet plans to offer its expanded prepaid mobile service incorporating the Moneto prepaid mobile applications to program managers, processors, banks and credit unions.

"Prepaid represents one of the fastest growing financial product sectors," Mack said. "We've witnessed the growth in prepaid and the opportunity for financial service providers to extend the life of their prepaid card programs by offering a more robust prepaid mobile experience to their customers."

Companies using the Moneto prepaid mobile platform are able to add new features within weeks, Cachet said. Moneto offers features such as cash loading, instant "good funds" for check-to-card loading, card balance and history, loyalty and rewards, person-to-person transfers, expedited bill pay and remittances.

The Moneto platform enables users to manage and use their prepaid card from their mobile phone, and also provides an NFC payment feature for iPhone and Android devices.