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, announced today it has finalized their $11 million Series A funding round. This round was completed by the Independent Community Bankers of America (ICBA) and BankTech Ventures, LP (BTV).
Led by ICBA, the Hovde Group and a team of community bank and fintech leaders, BTV is a strategic investment fund dedicated to financing bank technology companies that produce strong, industry-tailored solutions, maximize efficiencies and expand revenue opportunities. BTV has gathered more than 100 participating community banks as investors. ZSuite Tech is one of eight leading bank technology companies selected by BTV to receive funding so far.
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.
“We’ve had the pleasure of knowing Nathan and the ZSuite team for a while, as they were a former participant in the ICBA ThinkTech Accelerator, who is our partner at BankTech Ventures,” said Carey Ransom, managing director for BankTech Ventures. “Their performance there, as well as their resonance with community banks, excited us to get more involved in this round. We’re thrilled to be part of the team.”
Formed by bankers and experienced technology executives, 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.
“With rates on the rise, low-cost, core deposits are in demand,” ICBA Executive Vice President and Chief Innovation Officer, Charles Potts, said. “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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