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ZSuite Tech Finalizes $11 Million Series A Funding Round with Investment from ICBA and BankTech Ventures
– Strategic investment accelerates growth, advances product development as company scales to meet explosive demand for industry’s first unbound digital platform for commercial escrow, subaccounting –
WESTWOOD, Mass., November 17, 2022-- 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.”
About ZSuite Tech
ZSuite Tech is a financial technology company that aims to power financial institutions with digital escrow products for specific commercial verticals that they can offer to their clients. ZSuite's products, ZRent and ZEscrow, streamline collection of recurring payments and automate the management and compliance around multi-use escrow and subaccounting processes.
To learn more about ZSuite Tech and how it can help your financial institution, please visit www.zsuitetech.com, connect via LinkedIn or follow on Twitter.
The Independent Community Bankers of America® creates and promotes an environment where community banks flourish. ICBA is dedicated exclusively to representing the interests of the community banking industry and its membership through effective advocacy, best-in-class education, and high-quality products and services.
With nearly 50,000 locations nationwide, community banks constitute 99 percent of all banks, employ more than 700,000 Americans and are the only physical banking presence in one in three U.S. counties. Holding more than $5.8 trillion in assets, over $4.8 trillion in deposits, and more than $3.5 trillion in loans to consumers, small businesses and the agricultural community, community banks channel local deposits into the Main Streets and neighborhoods they serve, spurring job creation, fostering innovation and fueling their customers’ dreams in communities throughout America. For more information, visit ICBA’s website at www.icba.org.
About BankTech Ventures, LP
Established in 2021, BankTech Ventures, LP is the first venture fund created for and by key leaders in community banking, bank technology and fintech. BTV serves the community banking ecosystem through strategic investments, education and collaboration with its limited partners and ICBA members by delivering a de-risked and/or fully vetted network of leading and emerging bank technology companies to enhance a community bank's value, as well as aim for strong returns from the underlying investments in these companies. Learn more at www.banktechventures.com.
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