Torpago, a commercial credit card and spend management provider, announced it raised $10 million in a Series B funding round. This funding round was co-led by Priority Tech Ventures (a division of Priority Technology Holdings) and EJF Ventures, with participation from BankTech Ventures and other existing investors.
Following the launching of Sunwest Bank’s Visionary Card, this investment will help Torpago service growing demand for its ‘Powered By’ solution, which is a white-label, end-to-end commercial credit card and expense management software platform designed for banks. And driving commercial client growth by product differentiation, Torpago ‘Powered By’ helps regional and community banks compete against fintechs and national institutions.
Torpago will use the Series B funding round for enhancing implementation and compliance resources while continuing to expand Torpago’s product suite.
Following a $6 million Series A in 2023, Torpago’s returning investors, including EJF Ventures, BankTech Ventures, Assurant Ventures, NFL star David Bakhtiari, etc. are eager to continue working with the company. And Torpago’s investors have been strategic partners, primarily from a pipeline generation and commercial strategy perspective, as the company evolves and delivers on its mission.
KEY QUOTES:
“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. The Series B is an opportunity for Torpago to continue our momentum in product innovation and expand our top-of-the-line service that becomes a game changer for banks and credit unions and their customers across the country.”
- Brent Jackson, CEO and Founder at Torpago
“Working closely with community and regional banks across the country, we understand how impactful the program Torpago provides will be on modernizing key offerings. We are thrilled to be an investment partner and work closely with Torpago as they become a crucial resource for banks in today’s market.”
- Jonathan Bresler, Managing Partner of EJF Ventures
“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.”
- Thomas Priore, Chairman and CEO of Priority Technology Holdings
“We were given an early look at Torpago’s white-label platform and knew that this could become the future for banks and credit unions in terms of taking their commercial treasury capabilities to the next level. Non-interest income is an essential part of community banks’ futures and Torpago is a great start for them. We are excited to introduce Torpago to the 100+ banks in our ecosystem.”
- Carey Ransom, Managing Director of BankTech Ventures, which led the Series A round
