ZSuite Tech, a FinTech firm that powers financial institutions with unbound digital accounts, has bagged $11m in its Series A.
The company covers unbound digital accounts that encompass escrow, subaccounting, sub-ledgering, FBO and trust accounts for commercial customers.
The raise was completed by the Independent Community Bankers of America (ICBA) and BankTech Ventures.
ZSuite offers a digital commercial escrow and subaccounting platform to help financial institutions improve efficiency and expand business relationships.
This funding comes on the heels of a year of unprecedented growth for the company. Currently more than 40 banks nationwide rely on the company’s digital tools for commercial banking. ZSuite’s digital platform now supports approximately 41,000 accounts.
ZSuite will use the capital to scale operations and product development to meet the growing market demand for advanced, digital cash and treasury management tools. Sometimes referred to as Virtual Account Management (VAM), this service offering has typically only been offered by large international institutions. ZSuite aims to make this technology available to every commercial banker, regardless of size.
ICBA EVP and CIO Charles Potts said, “With rates on the rise, low-cost, core deposits are in demand. ZSuite’s products help attract these valuable funds, through a streamlined process—reducing labor-intensive escrow and subaccounting processes, while conforming to regulatory requirements. We know banks need these types of tech solutions and that’s why we chose to partner with ZSuite’s future.”
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