ZSuite Tech, a financial technology company that powers financial institutions with unbound digital accounts encompassing escrow, sub-accounting, sub-ledgering, FBO, and trust accounts for commercial customers, announced it has finalized its $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, Hovde Group and a consortium of community banks and FinTech leaders, BTV is a strategic investment fund dedicated to funding banking technology companies creating powerful solutions. , industry-relevant, maximize efficiency and expand revenue opportunities.
BTV has gathered more than 100 community banks to participate as investors. ZSuite Tech is one of the top 8 banking technology companies selected by BTV to receive funding.
ZSuite will use the capital to scale operations and develop products to meet the growing market demand for advanced digital cash and cash management tools. Sometimes called Virtual Account Management (VAM), large international organizations usually only offer this service.
ZSuite aims to make this technology accessible to all commercial bankers, 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,”
“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.”
Carey Ransom, managing director for BankTech Ventures.
ZSuite, a digital commercial escrow and sub-accounting platform, was founded by bankers and seasoned technology professionals to assist financial institutions in increasing productivity and fostering new business ties. This funding follows a year in which the company experienced remarkable growth.
The company’s digital tools are used by more than 40 banks nationwide for commercial banking, and ZSuite’s digital platform can now accommodate about 41,000 accounts.
“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 sub-accounting 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.”
ICBA Executive Vice President and Chief Innovation Officer Charles Potts.