Torpago Raises $10M for Expense Management Platform

June 6, 2024 5:49 pm
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Torpago has raised $10 million in a Series B funding round to support its white-label commercial credit card and expense management platform designed for banks.

The company will use the new funding to service growing demand for its solution, enhance implementation and compliance resources, and expand its product suite, Torpago said in a Thursday (June 6) press release.

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 modernize their offerings and infrastructure,” Brent Jackson, CEO and founder at Torpago, said in the release.

Torpago’s Powered By solution helps regional and community banks differentiate their products, drive commercial client growth, and compete against FinTechs and national institutions, according to the release.

The company’s solution is built on a technology stack that includes web and mobile apps, native application programming interfaces (APIs) and microservices, the release said.

Torpago’s latest funding round was co-led by Priority Tech Ventures, a division of Priority Technology Holdings, and EJF Ventures, per the release.

“Priority’s experience serving both businesses and financial institutions helped us appreciate the importance of Torpago’s platform,” Thomas Priore, chairman and CEO of Priority Technology Holdings, said in the release.

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 modernizing key offerings.”

Torpago began rolling out its solutions in late 2020, aiming to provide a platform that includes real-time integration and other benefits and provides a better way for employees to pay their expenses, Jackson told PYMNTS in an interview posted in April 2022.

“We’ve done a really good job of building a plug-and-play customizable solution,” Jackson said at the time. “If you’re approved for our card, you get access to the full suite of solutions.”

In January, Torpago, Marqeta and Sunwest Bank teamed up to launch Sunwest’s commercial credit card and expense management solution called 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.

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