DadeSystems, a US-based integrated receivables solutions provider, has secured an investment from Wells Fargo Strategic Capital.
The investment comes as a part of the company’s Series D financing round.
With the new proceeds, DadeSystems plans to expand DadePay product suite. As an integrated receivables solution, this suite allows merchants to accept and reconcile payments and remittances.
Wells Fargo Strategic Capital managing director Tom Richardson said: “DadeSystems has developed a uniquely simplified process for managing account receivables by leveraging advanced data management and machine learning technologies.
“We are pleased to provide them with this investment and support during an important stage of their lifecycle.”
DadeSystems president and CEO Bill Zayas said: “Wells Fargo Strategic Capital is one of the leaders in providing capital to growing fintech companies.
“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.”
A subsidiary of Wells Fargo & Company, Wells Fargo Strategic Capital is a specialised capital provider. It supports companies operating across various verticals.
Its investments include venture capital, growth capital, private equity/LBO, structured equity and debt among others.
The company holds more than 180 portfolio investments.