DadeSystems, a Miami-based FinTech firm has nabbed an amount of $9 million in series D funding led by Napier Park Financial Partners, with participation from Fifth Third Capital Holdings and Ocean Azul Partners.
The proceeds will be used to support the growth of the company’s suite of solutions named DadePay. The solution helps medium-to-large corporations and financial institutions (FIs) aggregate, analyze and reconcile remittances for any type of payment and from any payment channel, according to a statement.
“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.
The company is said to have significantly expanded its reach through partnerships with companies such as Fiserv, Deluxe, Fifth Third Bank and Transactis, to deliver an integrated receivables solution to their customers.
As part of the transaction, Ned May and Daniel Kittredge from Napier Park Financial Partners will join DadeSystems’ Board of Directors.
DadePay Integrated Receivables, part of a SaaS suite of receivables products, automatically captures all incoming payments, including cash, checks, ACH, EFT and credit cards. Using patented technologies and machine learning, payments are automatically matched to open invoices and updates the companies’ ERP systems. The DadePay product suite also includes an ePayment customer portal and Mobile AR application. The company supports B2B and C2B payments in multiple industries including distribution, food and beverage, manufacturing, financial, transportation, wholesale, property management, healthcare, retail, travel, and agriculture.