ZSuite Technologies, a Westwood, Mass.-based financial technology company that powers financial institutions with unbound digital accounts encompassing escrow, subaccounting, sub-ledgering, FBO and trust accounts for commercial customers, raised $11m in Series A funding.
The round was led by S3 Ventures with participation from multiple private banks and JAM FINTOP.
The company intends to use the funds to accelerate its ability to scale its platform, grow the organization, expand into new markets and support the increasing demand for modern, digital commercial banking tools and solutions.
Founded in 2019 and led by Nathan Baumeister, CEO,, ZSuite Tech is a bank-born advocate for the technological and financial growth of banks, providing SaaS solutions as a value-add service. Its suite of all-digital product offerings enables financial institutions to increase low-cost, core deposits, improve the customer experience and reduce internal costs with digital efficiencies.
The company currently partners with more than 36 institutions across the United States and supports approximately 41,000 escrow accounts. Additionally, it manages more than $140 million in annual payments and $300 million in annual deposits on the platform.