Fintech startup DadeSystems closes $9M Series D funding to streamline accounts receivable process for businesses
DadeSystems, a fintech startup that offers accounts receivables automation solutions for organizations, today announced that it has raised a $9 million Series D growth funding to grow its suite of solutions, collectively referred to as DadePay. The round was led by Napier Park Financial Partners, with participation from returning investors Fifth Third Capital Holdings and Ocean Azul Partners.
Founded in 2011 by Dave Wilson, the Miami, Florida-based DadeSystems is a provider of Cash Application solutions to fully automate the complex payment processing landscape. Its flagship product, DadePay, is a SaaS based solution that helps medium-to-large corporations and financial institutions aggregate, analyze and reconcile remittances for any payment type, from any payment channel. DadePay helps to automate the invoice-to-cash application process for any payment through any channel.
DadePay Cash Application automatically captures all incoming payments, including cash, checks, ACH, EFT, and credit cards. Using patented algorithms, payments are automatically matched to open invoices which updates your ERP system and electronically deposits the checks at your bank(s). The DadePay suite also includes our DadePay Customer ePayment portal and DadePay Mobile.
“DadeSystems has built an award-winning SaaS solution that streamlines accounts receivable processes, helping our customers increase efficiency, lower processing costs and shorten their invoice-to-cash cycles,” said Bill Zayas, President and CEO of DadeSystems. “We’re thrilled to announce this growth funding and are excited to continue to invest in our products and grow our team, all while helping more customers achieve market-leading invoice matching and straight-through-processing rates.”
DadeSystems has significantly expanded its reach through successful partnerships with market leaders such as Fiserv, Deluxe, Fifth Third Bank and Transactis, all of which partnered with DadeSystems to deliver a best-in-class integrated receivables solution to their customers.
“The payments industry is rapidly changing as growth in electronic payments outstrips that of paper checks creating new pain-points for accounts receivables departments,” said Joe Proto, DadeSystems’ board member, CEO of Transactis, a Mastercard company and a serial payments entrepreneur. “DadePay’s AI and machine learning-powered solution automates payment-remittance reconciliation allowing customers to manage all receivables workflows and analytics seamlessly in one central system. With this funding, DadeSystems is well positioned for their next phase of growth.”
“Accounts receivable and invoice-to-cash processes are ripe for innovation,” said Ned May, Partner at Napier Park Financial Partners. “We are impressed with the quality of the solution that DadeSystems has built, the feedback we have heard from their long-standing, blue-chip clients and partners, and the recognition they’ve received from reputable research firms, Celent and Aite. DadeSystems is at an inflection point, and we are excited to be working with the team to continue to invest in product and technology, grow their team and capitalize on the opportunities in the very large integrated receivables market.”