ZSuite Technologies, a real estate fintech company based in Burlington, Massachusetts, announced its successful Leader Bank spin out. Alongside this, the company has also closed a $6 million funding deal.
The deal was reportedly filed by Nathan Baumeister for Series D equity financing, notes Mak Daily.
According to Markets Insider, ZSuite Technologies will roll out its real estate products to financial institutions, banks, and credit unions in the country. In aims to provide highly advanced technology that solves real estate and property management concerns for consumers.
In line with its spin-out, the corporation will also incorporate ZRent and ZDeposit features made by Leader Bank. Both of these products provide easier and more flexible payment deals through automated features. Besides this, the company is expected to streamline and digitize payments, including deposits, as well as comply with state-specific security deposit standards.
The team members of ZSuite Technologies is comprised of both fintech and banking executives. Those who came from the financial technology sector include Nathan Baumeister who serves as the chief executive officer of the company, Aaron Coleman as chief sales officer, and Jessica Santana, chief product officer.
Banking executives who will be coming on board include Bill Neville, Jay Tuli, Tom Shen, and V.G. Narayanan.
To fully support the endeavors the real estate fintech company plans to enter, Markets Insider states the company needed to gain independence to cater to other institutions. In a statement from Jay Tuli, he said that “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.”
Companies who are investing in ZSuite Technologies alongside Leader Bank include banking institutions such as Blue Foundry, Marquette, Needham, Opportunity Bank of Montana, Seneca Savings, South Bridge Credit Union, South Shore Bank, and Stoneham Bank.