ZSuite Technologies, which powers financial institutions with unbound digital accounts encompassing escrow, subaccounting, sub-ledgering, FBO and trust accounts, has closed its Series A on $11m.
S3 Ventures led the round, with participation also coming from JAM FINTOP private banks.
ZSuite will use the funds to scale its platform, grow the organisation, expand into new markets and support the rising demand of its platform.
Founded in 2019, ZSuite is a bank-born advocate for the technological and financial growth of banks through SaaS solutions. It offers a suite of all-digital product offerings that enable financial institutions to increase low-cost, core deposits, improve customer experience and reduce internal costs.
It currently partners with 36 institutions across the US and supports around 41,000 escrow accounts. Additionally, it manages over $140m in annual payments and $300m in annual deposits on the platform.
ZSuite Tech CEO and co-founder Nathan Baumeister 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.”
JAM FINTOP recently joined the $7m Series A funding round of Onramp Invest, which provides advisors with cryptoasset management tools.
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