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Wells Fargo Makes Strategic Investment in DadeSystems
Thursday, March 5, 2020
The new investment will support the Company's growth and enhance its award-winning integrated receivables platform
MIAMI, Feb. 26, 2020 /PRNewswire/ -- DadeSystems, a leading Fintech provider of integrated receivables solutions, announced today additional funding provided by Wells Fargo Strategic Capital as part of a Series D financing round.
This new investment will support the growth of DadeSystems' suite of technology solutions, collectively referred to as DadePay, which enable businesses to more efficiently accept and reconcile payments and remittances. 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."
"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."
About DadeSystems
Headquartered in Miami, Florida, DadeSystems automates the invoice-to-cash application process to increase efficiency and accelerate cash flow. DadePay AR Automation, part of a SaaS suite of integrated products, automatically captures all incoming payments, including cash, checks, ACH, EFT, and credit cards. 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. The entire product suite is part of a single enterprise platform and serves multiple industries, including B2B and C2B industries.
About Wells Fargo Strategic Capital
Wells Fargo Strategic Capital, a subsidiary of Wells Fargo & Company, provides long term capital in the form of equity and/or debt to current and prospective Wholesale customers, commercial partners of Wells Fargo, as well as approved Small Business Investment Company (SBIC) funds. Wells Fargo Strategic Capital's Merchant Banking team focus primarily on private companies across a wide range of industries, providing creative financing solutions that fund growth and other capital needs. Wells Fargo Strategic Capital has approximately 50 team members across the United States and holds over 180 portfolio investments.
DadeSystems Contact:
Tom Berdan
DadeSystems
(855) 418-2783 x705
tom.berdan@dadesystems.com
View original content to download multimedia:http://www.prnewswire.com/news-releases/wells-fargo-makes-strategic-investment-in-dadesystems-301011317.html
SOURCE DadeSystems
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