"DadeSystems has developed a uniquely simplified process for managing account receivables by leveraging advanced data management and machine learning technologies," said Tom Richardson, managing director for Wells Fargo Strategic Capital. "We are pleased to provide them with this investment and support during an important stage of their lifecycle."
The additional funds will help DadeSystems expand DadePay and its portfolio of technology solutions that offer businesses a streamlined platform to accept and reconcile payments and remittances.
"Wells Fargo Strategic Capital is one of the leaders in providing capital to growing FinTech companies," said Bill Zayas, president and CEO of DadeSystems. "This investment will support the ongoing growth of the company, expand DadeSystems' suite of technology solutions, and allow us to continue to invest in our technology and improve efficiencies for businesses."
Founded in 2011 by David Wilson, DadeSystems powers the invoice-to-cash application process. Its integrated receivables solution, DadePay, is used by businesses and banks as well as the partners who serve them. The DadePay product suite is part of a single enterprise platform and serves multiple industries, including B2B and C2B industries.
Wells Fargo Strategic Capital, a subsidiary of Wells Fargo & Company, has approximately 50 team members across the U.S. and holds over 180 portfolio investments.
In November, DadeSystems announced a Series D growth funding round led by Napier Park Financial Partners. 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.
DadeSystems also recently partnered with Fiserv, Deluxe, Fifth Third Bank and Transactis to ensure that it could offer a seamless, integrated receivables solution. As part of the transaction, Ned May and Daniel Kittredge, both of Napier Park Financial Partners, joined the DadeSystems board of directors.