Wells Fargo Invests In Financial Tech Company DadeSystems

By Amit Chowdhry ● Feb 27, 2020
  • DadeSystems announced it raised additional funding from Wells Fargo Strategic Capital as part of a Series D financing round

DadeSystems, a leading financial technology provider of integrated receivables solutions, announced it raised additional funding from Wells Fargo Strategic Capital as part of a Series D financing round.

Based in Miami, Florida, DadeSystems automates the invoice-to-cash application process to increase efficiency and accelerate cash flow. And DadePay AR Automation (part of a SaaS suite of integrated products) automatically captures all incoming payments, including cash, checks, ACH, EFT, and credit cards. Plus DadePay automatically matches payments and remittances to open invoices using patented technologies and machine learning, with updates to the companies’ ERP systems.

The DadePay product suite also includes an ePayment customer portal and Mobile AR application. And the entire product suite is part of a single enterprise platform and serves multiple industries, including B2B and C2B industries.

“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.”

This new investment round will support the growth of DadeSystems’ suite of technology solutions (collectively known as DadePay), which enable businesses to efficiently accept and reconcile payments and remittances. Essentially, DadePay is an Integrated Receivables solution utilized by businesses, including the banks and partners who serve them.

“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.”

Back in November, DadeSystems announced it had raises $9 million as part of the Series D round. That round was led by Napier Park Financial Partners. And returning investors Fifth Third Capital Holdings and Ocean Azul Partners also participated. In connection with that funding round, Ned May and Daniel Kittredge, both of Napier Park Financial Partners, joined DadeSystems’ Board of Directors.