Torpago Secures $10 Million Investment to Enhance White-Label Expense Management Platform
Torpago has successfully raised $10 million in a recent Series B funding round to further develop its white-label commercial credit card and expense management platform for banks.
The company plans to utilize the new funding to meet the increasing demand for its innovative solution, improve implementation and compliance resources, and expand its product offerings, as stated in a press release on Thursday (June 6).
CEO and founder of Torpago, Brent Jackson, expressed that the company is currently at a pivotal moment where financial institutions view FinTech companies as vital partners for enhancing and modernizing their services, rather than as competitors.
Torpago’s Powered By solution is aimed at assisting regional and community banks in distinguishing their products, driving growth among commercial clients, and competing with FinTech companies and larger institutions.
The company’s technology stack includes web and mobile applications, native APIs, and microservices, forming the foundation of Torpago’s solution.
The latest funding round was jointly led by Priority Tech Ventures, a division of Priority Technology Holdings, and EJF Ventures, according to the press release.
Priority Technology Holdings’ chairman and CEO, Thomas Priore, acknowledged the significance of Torpago’s platform in serving both businesses and financial institutions, while Jonathan Bresler, managing partner at EJF Ventures, highlighted the positive impact Torpago’s program will have on modernizing key offerings for community and regional banks.
Torpago initiated the rollout of its solutions towards the end of 2020, with a focus on providing a platform that offers real-time integration and other advantages to simplify employee expense management, as mentioned by Jackson in an interview with PYMNTS in April 2022.
The collaboration between Torpago, Marqeta, and Sunwest Bank resulted in the launch of Sunwest Bank Visionary Card, a commercial credit card and expense management solution under Sunwest Bank’s brand.
This bank-branded offering leverages Torpago’s commercial credit card and spend management solutions, Marqeta’s global card issuing platform, and Sunwest Bank’s business banking services.
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