- Integrated receivables solutions DadeSystems announced it has raised $9 million in Series D growth funding led by Napier Park Financial Partners
DadeSystems — a leading Fintech provider of integrated receivables solutions — announced it has raised $9 million in Series D growth funding led by Napier Park Financial Partners with participation from returning investors Fifth Third Capital Holdings and Ocean Azul Partners. This round of funding will support the growth of DadeSystems’ suite of solutions collectively referred to as DadePay — which helps medium-to-large corporations and financial institutions aggregate, analyze, and reconcile remittances for any payment type and from any payment 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 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 partnerships with market leaders like Fiserv, Deluxe, Fifth Third Bank, and Transactis — all of which partnered with DadeSystems to deliver an 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,” added Joe Proto, a DadeSystems board member and the 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.”
In conjunction with this funding round, Ned May and Dan Kittredge of Napier Park Financial Partners will join DadeSystems’ Board of Directors.
“Accounts receivable and invoice-to-cash processes are ripe for innovation,” explained May. “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.”
