By Nancy Dahlberg
Versapay has been quietly growing quite explosively since it acquired the homegrown DadeSystems in 2022 to broaden its accounts receivable automation solutions, expand its AI and machine learning capabilities, and grow its mid-market footprint. Last fall, the financial technology company, formerly headquartered in Toronto, relocated its corporate base to Miami-Dade’s Dadeland area.
Today, Versapay says 5 million businesses transact on the Versapay payments network, amounting to a 5X growth in the network since hitting the 1 million milestone just 18 months ago.
At a time of high costs for capital and surging fraud, the growth milestone shows that mid-market companies in particular are looking to Versapay for their secure, reliable transactions, said CEO Carey O’Conor Kolaja. The middle market makes up about a third of private sector GDP and employment.
“We believe the future of mid-market business growth hinges on technology partners that have proven confidence and fidelity in moving money. Five million businesses on our network speaks volumes to trust, security, and especially efficiency in transacting with Versapay,” Kolaja, an industry veteran with 25+ years of financial services executive leadership experience, said in a statement.
Versapay is a remote-first company with more than 400 employees, including about 20 in South Florida. Vice President of Engineering Doug Hathaway said that after the 2022 acquisition of DadeSystems, he and the team stayed on. Hathaway was the founding CTO of DadeSystems, and was even involved in writing the first lines of code in 2011 for a product that is still one of Versapay’s key products today.
Versapay, he explained, is known for its Accounts Receivable Efficiency Suite, which simplifies the invoice-to-cash process by automating invoicing, facilitating B2B payments, and streamlining cash application with AI. “We don’t have one sweet spot in AR – we can cover a lot of the bases when it comes to the back office and even the front office of accounts receivable departments,” Hathaway said in an interview with Refresh Miami.
For companies that don’t have too many manual processes, Versapay offers a fully online and streamlined automation suite they call Collaborative AR, and the goal is to move more traffic toward that suite in time, he said.
Today, companies on the Versapay network process more than 110 million transactions and over $170 billion in payments annually. AR teams spend 50% less time managing receivables, have 30% fewer past due invoices, and see 25% faster payments, Versapay reports.
“The main goal that we want is for people to spend less time in our application. We want the product to do the work for them automatically,” said Hathaway “It’s really a guided experience with the platform automating the vast majority of everything and then directing you to do the work that only you can do and then move on with your day.”
Versapay is popular in many verticals, especially in distribution, manufacturing, and wholesale. It also has relationships with banks; for instance Wells Fargo and other banks white label the product and offers it to their customers, and that’s an area prime for expansion.
“Businesses are central to our society, and they require working capital. This cycle of cashflow can be the difference between a business that’s in distress or one that is thriving,” said Hathaway. “We want to equip these companies to be the best they can be so that everyone benefits in our economy.”
Hathaway was born and raised in Miami. He earned his bachelor’s and master’s in computer science at the University of Central Florida and worked at Lockheed Martin for five years before returning to Miami to co-found DadeSystems in 2011. “I quit my job, started a company, my wife had a baby, and we moved to Miami, all at the same time – I wouldn’t recommend that.”
But that’s all history now. “I love Miami and I’m super happy with the way that [DadePayments and Versapay] have been able to come together. Great Hill Partners has put together synergistic companies with products that really work very well together, and you can see how that is working out very well in the marketplace,” Hathaway said.
With the HQ now here, Hathaway hopes to make more hires in South Florida. “Versapay is always on the lookout for engineering and QA. If there are talented people that want to join our team, I would love to talk to them.”
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