Torpago raises $10m to support white-label expense management platform

Torpago, a commercial credit card and spend management provider, has successfully raised $10 million in a Series B funding round. This significant financial boost is aimed at supporting its white-label commercial credit card and expense management platform, specifically designed for banks. The funds will be utilised to service the growing demand for Torpago’s solutions, enhance implementation and compliance resources, and expand its product suite.

Brent Jackson, CEO and founder of Torpago, emphasised the strategic shift in the perception of FinTechs, stating, “We’re at an inflection point where bank and credit union leaders are no longer seeing FinTechs as competition, but rather as essential partners to support and modernise their offerings and infrastructure.”

The newly acquired funds will be directed towards several key areas. Firstly, Torpago aims to service the increasing demand for its innovative solutions. The company plans to enhance its implementation and compliance resources, ensuring that its platform remains robust and reliable.

Additionally, the funding will support the expansion of Torpago’s product suite, allowing the company to offer a broader range of services to its clients. This strategic investment will enable Torpago to continue its momentum in product innovation and expand its service, which has become a game changer for banks and credit unions across the country.

Torpago’s platform, built on a technology stack that includes web and mobile apps, native APIs, and microservices, helps regional and community banks differentiate their products, drive commercial client growth, and compete against FinTechs and national institutions.

Thomas Priore, chairman and CEO of Priority Technology Holdings, highlighted the importance of Torpago’s platform, stating: “Priority’s experience serving both businesses and financial institutions helped us appreciate the importance of Torpago’s platform. In addition to providing capital and introducing Torpago to our ecosystem partners, we look forward to engineering an operating plan that accelerates Torpago’s path to profitability.”

Jonathan Bresler, managing partner of EJF Ventures, said in the release: “Working closely with community and regional banks across the country, we understand how impactful the program Torpago provides will be on modernising key offerings.”

Background and partnerships

Torpago began rolling out its solutions in late 2020, offering real-time integration and improved ways for employees to manage expenses. The company has also formed strategic partnerships, such as the recent collaboration with Marqeta and Sunwest Bank to launch the Sunwest Bank Visionary Card.

This bank-branded offering is enabled by Torpago’s commercial credit card and spend management solutions, Marqeta’s global card issuing platform, and Sunwest Bank’s entrepreneurial business bank. These partnerships highlight Torpago’s commitment to providing innovative solutions that meet the evolving needs of its clients.

 

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