ZSuite Technologies Announces Spin-Out from Leader Bank, Completion of $6 Million Fundraising, Addition of FinTech Veterans
ZSuite Technologies announced that it has successfully spun-out of Leader Bank, N.A. and simultaneously raised approximately $6 million of outside funding in order to begin selling its products to banks and credit unions nationwide. ZSuite Technologies’ mission is to provide financial institutions with innovative technology that solves real problems for specic client segments, of which the rst is real estate and property management.
As part of the spin-out, ZSuite Technologies will bring with it the popular ZRent and ZDeposit products created by Leader Bank’s product development division. Together ZRent and ZDeposit create a powerful platform for landlords and property managers to automate rent and condo payments, digitize security deposit account opening, and enable state-specic security deposit compliance.
The founding executive team for ZSuite Technologies is a unique combination of ntech and banking executives. Fintech veterans Nathan Baumeister as CEO and Aaron Coleman as Chief Sales Ocer, who both served as senior leaders at Austin-based Kasasa, are joined by Leader Bank’s former head of product development, Jessica Santana, as Chief Product Ocer. Baumeister will be joined on the Board with an impressive team comprised of Jay Tuli (Founder and Chairman of ZSuite and Executive Vice President at Leader Bank), Tom Shen (Founder of Malauzai – a Finastra Company), Bill Neville (CEO of Loan Logics), and V.G. Narayanan (Professor at Harvard Business School).
“I’m excited to be working with a dynamic team of domain experts in both ntech and banking. In a world of competing ntechs and the migration from physical banking to digital banking, banks and credit unions need solutions that solve real world problems for their most protable client segments. We are excited to help,” said Nathan Baumeister.
In 2015 Leader Bank, a now $1.5 billion community bank based in Arlington, MA, began focusing on the development of new financial technology products to differentiate itself and attract deposits without having to expand its branch footprint. Through its various innovations, which are now part of ZSuite Technologies, Leader Bank was able to grow by more than $100 Million in core deposits and attract thousands of customers. As interest grew from other financial institutions, the Leader Bank management team decided that the division needed to be fully independent as a non-subsidiary entity in order to grow and support other banks and credit unions.
“We began building products to solve problems for our customers years ago. It turns out that other banks and credit unions can benet as well from these solutions, and in order to accomplish this, full independence for ZSuite Technologies was necessary,” said Jay Tuli.
As part of the launch, Leader Bank along with eight other financial institutions will join ZSuite Technologies as early partners, including StonehamBank, Opportunity Bank of Montana, Seneca Savings, Needham Bank, South Shore Bank, Marquette Bank, South Bridge Credit Union, and Blue Foundry Bank.
About ZSuite Technologies
ZSuite Technologies is a financial technology company that aims to power banks and credit unions with differentiated banking solutions for protable client segments. ZSuite’s products ZRent (zrent.net) and ZDeposit (zdeposit.net) streamline rent and condo due payments, digitize security deposit account opening, and enable statespecic security deposit compliance. To learn more about ZSuite Technologies and how it can help your financial institution, please visit http://www.zsuitetech.com.
About Leader Bank
Founded in 2002, Leader Bank is a Massachusetts-based entrepreneurial financial institution that approaches banking differently. The core tenets of Leader Bank include world-class client service, exemplary products, and innovation to meet the needs of its clients. At its founding, Leader Bank had $6.5 million in assets – in the two decades since, the Bank has grown into one of the most successful financial institutions in the Commonwealth with $4 billion in assets. Leader Bank’s team members have been at the forefront of supporting the Bank’s rapid growth and client-oriented solutions over the last two decades as the Bank has expanded its commercial and retail products and solutions. Leader Bank is a committed corporate citizen and prides itself on partnering with and supporting philanthropic organizations. More information on Leader Bank can be found at www.leaderbank.com.
