Also participating in the round were returning investors Fifth Third Capital Holdings and Ocean Azul Partners. The funds will be used to grow the firm’s solutions suite, DadePay. The software as a service (SaaS) applications are intended to help medium- to large-size firms and financial institutions reconcile remittances for any payment type and channel.
“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 DadeSystems President and CEO Bill Zayas.
DadeSystems recently partnered with Fiserv, Deluxe, Fifth Third Bank and Transactis to ensure it could offer a seamless integrated receivables solution.
“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 and CEO of Transactis. “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.”
As part of the transaction, Ned May and Daniel Kittredge, both of Napier Park Financial Partners, will join the DadeSystems Board of Directors.
“Accounts receivable and invoice-to-cash processes are ripe for innovation,” said May, a partner at Napier Park Financial Partners. “We are impressed with the quality of the solution that DadeSystems has built and the feedback we have heard from their long-standing, blue-chip clients and partners.”
FinTechs are connecting banks with tools such as integrated receivables that they can provide to their corporate customers — and offer them one view of all their payments. This technology has three components, including remittance matching, a single file for an enterprise resource planning (ERP) system, and consolidated data as well as reporting.