DadeSystems, an accounts receivables automation solution, has secured an investment from Wells Fargo Strategic Capital.
The funding, which comes as part of a Series D round, will enable DadeSystems to expand its suite of technology solutions.
DadeSystems enables businesses to improve their accounts receivables by integrating with existing systems and automatically capturing incoming payments and matching them up with open invoices.
The FinTech collected $9m in a Series D round last year. The round was led by Napier Park Financial Partners, with participation also coming from Third Capital Holding and Ocean Azul Partners.
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.”
Well Fargo recently agreed to pay $3bn to the US Justice Department and the SEC following a fraud case. The settlement came after an investigation which claims the bank had pressured employees to meet unrealistic sales goals which led to customers being mis sold products.
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