WESTWOOD, Mass.--(BUSINESS WIRE)--ZSuite Technologies, a financial technology company that powers financial institutions with digital escrow products for specific commercial verticals, today announced it closed out the third quarter with record growth in terms of new customers and revenue. To date, the provider has added 26 financial institutions to its growing roster (four among the top 200 U.S. banks) and reported more than 100% recurring revenue growth. Additionally, more than 3,500 small businesses and merchants are now leveraging one of ZSuite’s digital product offerings via their community financial institution.
As financial institutions continue to seek differentiated, value-add services, banks and credit unions are recognizing that ZSuite Technologies’ niche, vertical-focused technology attracts business customers, grows deposits and expands existing relationships. The company’s ZDeposit online account opening platform allows users to manage security deposit collection and compliance regulations for multiple tenants. The platform provides best-in-class transparency between tenants and landlords while instantaneously facilitating compliance with state laws. ZDeposit continued to see rapid adoption with more than 89% growth in dollars in escrow accounts and an 82% growth in tenant security deposit accounts in 2021.
Additionally, the company successfully launched ZEscrow, the industry’s only completely digital commercial escrow solution. ZEscrow is a responsive web-app for digital commercial escrow and sub-accounting processes. It is available to a variety of entities and organizations that need a solution that is convenient, compliant and multi-functional. With financial institutions in mind, ZSuite developed ZEscrow with a team of five forward-thinking banks. The company’s work with Bank of New Hampshire, Haven Savings Bank, Kearny Bank, Leader Bank and Patriot Bank drove digital innovation within the financial industry by introducing fintech and bank collaboration to better solve specific pain points for clients.
ZSuite’s CEO, Nathan Baumeister, said, “The phenomenal growth and success we’ve achieved in such a short amount of a time is a true testament to our team’s commitment to helping financial institutions better leverage digital technology to address the day-to-day challenges associated with commercial banking. I credit our success to our ability to deliver an advanced, solution combined with the team’s dedication to delivering exceptional customer service. Much of our success can be attributed to our long-term knowledge of the financial industry, which we’ve heard cited time and time again from financial institutions when selecting us. We understand the unique operations of banks and credit unions allowing us to better address their unique challenges.”
Established in 2019, ZSuite Technologies was founded by bringing both bankers and experienced technology executives together to help financial institutions compete in an ever-changing landscape. By strengthening the relationship between financial institutions and underserved consumers, ZSuite builds solutions that satisfy the needs of niche businesses and customers.
About ZSuite Technologies
ZSuite Technologies 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, ZDeposit and ZEscrow, streamline collection of recurring payments and automate the management and compliance around multi-use escrow subaccounting processes.
To learn more about ZSuite Technologies and how it can help your financial institution, please visit: https://www.zsuitetech.com.