ZSuite Tech, a financial technology firm that provides financial institutions with unbound digital accounts such as escrow, subaccounting, sub-ledgering, FBO, and trust accounts for commercial customers, said today that its $11 million Series A investment round has been completed. The Independent Community Bankers of America (ICBA) and BankTech Ventures, LP concluded this round (BTV).
ZSuite plans to use the funds to expand operations and product development in order to address the growing market need for innovative, digital cash and treasury management capabilities. This service provision, known as Virtual Account Management (VAM), has traditionally been limited to large international organizations. ZSuite intends to make this technology accessible to all commercial bankers, regardless of size.
BTV is a strategic investment fund dedicated to financing bank technology firms that generate strong, industry-tailored solutions, maximize efficiencies, and extend revenue prospects. It is led by ICBA, the Hovde Group, and a team of community bank and fintech executives. BTV has attracted more than 100 community banks as investors. ZSuite Tech is one of eight major bank technology startups that have received money from BTV so far.
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