DadeSystems, an integrated receivables solutions developer, has received an undisclosed strategic investment from Fifth Third Bank.
The funding comes alongside a new partnership which will help to power Fifth Third’s Expert AR, an invoice matching and payment re-association technology solution.
Florida-based DadeSystems offers an integrated payment processing solution that automates the handling of account receivables. The automated invoice-to-cash application captures all incoming payments, including cash, checks, ACH, EFT and credit cards.
Its machine learning technology matches payments to open invoices and updates companies’ ERP systems.
The platform serves a range of industries including, banking, healthcare, travel, retail, property management, and transportation, among others. Its clients include Apollo Bank, The Bank of Tampa, Customers Bank, Sunshine Bank, Credit Union of Texas, Mission Federal Credit Union, Madison Resources and Sarjentfuels.
DadeSystems will use the new capital to expand its product engineering and support efforts.
Fifth Third Bank senior vice president Bridgit Chayt said, “Similar to accounts payable, a treasury or finance department’s accounts receivable can be riddled with inefficiencies if it’s still accepting traditional paper check payments.
“Collaborating with partners like DadeSystems allows us to address our clients’ challenges and help them become more efficient. Expert AR will enhance our current treasury management capabilities, offer additional electronic payment services and provide a single view of their total receivables for all payments and channels.â€
This is Fifth Third latest investment in the FinTech space this year, having recently led the $50m Series D of CommonBond. The company is a student loan platform that offers refinance loans to college graduates or new loans to students.
Fifth Third’s other investment in the sector this year was an undisclosed contribution to child-focused personal finance app Current.
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