BURLINGTON, MA— 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 specific client segments, of which the first is real estate and property management, the company said in a statement.
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-specific security deposit compliance.
The founding executive team for ZSuite Technologies is a unique combination of fintech and banking executives. Fintech veterans Nathan Baumeister as CEO and Aaron Coleman as Chief Sales Officer, 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 Officer.
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 fintech and banking. In a world of competing fintechs and the migration from physical banking to digital banking, banks and credit unions need solutions that solve real world problems for their most profitable 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 benefit 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.
ZSuite Technologies is a financial technology company that aims to power banks and credit unions with differentiated banking solutions for profitable 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 state-specific security deposit compliance.
With assets over $1.5 billion, Leader Bank, N.A. is a nationally chartered bank founded in 2002 and headquartered in Arlington, MA. Leader Bank offers retail banking, business banking, residential lending, and commercial lending services with an innovative approach to its clients. Consistently ranked one of Massachusetts’ largest mortgage lenders, Leader Bank originates in excess of $2 Billion in annual mortgage volume. Leader Bank employs over 250 employees. (IANS)
