leader bank

ZSuite Technologies has announced that it has successfully separated from Leader Bank, N.A. and raised about $6 million in outside funding 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.

ZSuite Technologies brings its 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 are fin-tech veterans Nathan Baumeister as CEO and Aaron Coleman as chief sales officer. Joining them are Leader Bank’s former head of product development, Jessica Santana, as chief product officer.

Jay Tuli on new board

Baumeister will be joined on the board with a team comprising Jay Tuli, founder and chairman of ZSuite and executive vice president at Leader Bank; Tom Shen, founder of Malauzai; Bill Neville, CEO of Loan Logics; and V.G. Narayanan, professor at Harvard Business School. Tuli is the son of Leader fouder Sushil Tuli.

In 2015 Leader Bank, a now $1.5 billion community bank based in Arlington, 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 nonsubsidiary entity in order to grow and support other banks and credit unions, a news summary from STLnews.com says. 

“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,” Tuli is quoted in the summary.

Early partners

As part of the launch, Leader Bank along with eight other financial institutions 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.

With assets over $1.5 billion, Leader Bank, N.A. is a nationally chartered bank founded in 2002. Leader Bank offers retail banking, business banking, residential lending and commercial lending services with an innovative approach to its clients.

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 and is deeply committed to supporting its communities. To learn more, click here >>

This announcement was published Monday, Aug. 19, 2019.