By Nancy Dahlberg
Miami-based fintech company DadeSystems announced it has raised $9 million in Series D growth funding.
Napier Park Financial Partners led the round, that also included returning investors Fifth Third Capital Holdings and Ocean Azul Partners. As part of the transaction, Ned May and Daniel Kittredge, both of Napier Park Financial Partners, will join DadeSystems’ Board of Directors.
The funding will support the growth of DadeSystems’ suite of solutions, called DadePay, to help medium-to-large corporations and financial institutions aggregate, analyze and reconcile remittances for any payment type, from any payment channel, the company said. The company, led by CEO Bill Zayas, counts as its customers market leaders such as Fiserv, Deluxe, Fifth Third Bank and Transactis.
“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,” Zayas said in a statement. “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, founded in 2011, raised $2 million from Miami Beach-based Ocean Azul Partners in 2017 and received an undisclosed investment from Fifth Third last year. It is part of a sector -- fintech -- that has been heating up in South Florida, particularly by the amount of venture capital invested. Earlier this year, Technisys lured $50 million – one of the year’s top deals so far -- and in 2018, Payrix, YellowPepper and TiendaPago reeled in large investments. In 2018, nearly a fifth of South Florida’s total deals went to fintech startups, though that pace has eased up in 2019.
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