By ET Bureau - August 05, 2022 3 Mins Read
ZSuite Technologies (ZSuite Tech), a financial technology company that powers financial institutions with unbound digital accounts encompassing escrow, subaccounting, sub-ledgering, FBO and trust accounts for commercial customers, today announced the completion of an $11 million Series A funding round. The financing is led by S3 Ventures with additional participation from multiple private banks and JAM FINTOP.
This investment accelerates the ability of ZSuite Tech to scale its platform, grow the organization, expand into new markets and support the increasing demand for modern, digital commercial banking tools and solutions.
“Managing commercial escrow and subaccounting is a very complex, manual process that has pained bankers and their customers for years,” said Charlie Plauche, General Partner with S3 Ventures. “Working with their banking partners, ZSuite Tech has created a revolutionary software solution that automates these tedious and time-consuming processes, saving banks time and money while also creating a superior experience for their customers. S3 has a long history of supporting software companies that are innovating in the financial services industry. In a period of rising interest rates, attracting sticky deposits becomes more important than ever – ZSuite Tech has a perfectly positioned platform and the right team in place to help banks do just that. We are proud to partner with the ZSuite Tech team on the next stage of their journey.”
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Founded in 2019, ZSuite Tech is a bank-born advocate for the technological and financial growth of banks, providing SaaS solutions as a unique, value-add service. Its suite of all-digital product offerings enables financial institutions to increase low-cost, core deposits, improve the customer experience and reduce internal costs with digital efficiencies.
ZSuite Tech currently partners with more than 36 institutions across the United States and supports approximately 41,000 escrow accounts. Additionally, the company manages more than $140 million in annual payments and $300 million in annual deposits on the platform.
Nathan Baumeister, CEO and Co-founder of ZSuite Tech, said, “The financial services industry at large is faced with an overwhelming need to innovate faster and deliver differentiated offerings quickly to keep up with the changing expectations of their account holders. We took a different approach from most fintechs when ZSuite Tech spun out from a bank, with the goal of long-term bank success. We have continued the partnership between technologists and bankers in every aspect of our company from product development to leadership, and this is the main reason for the company’s phenomenal growth and success in a short amount of time. With this investment from groups of bankers and technologists, we will be able to scale faster, helping even more financial institutions better leverage digital technology to address the day-to-day challenges associated with commercial banking.”
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