Torpago has successfully raised $10m in a Series B funding round to support its white-label commercial credit card and expense management platform tailored for banks.
According to PYMNTS, the latest funding round was co-led by Priority Tech Ventures, a division of Priority Technology Holdings, and EJF Ventures, demonstrating strong investor confidence in Torpago’s innovative solutions.
Torpago specialises in providing a platform designed to assist regional and community banks in differentiating their products, driving commercial client growth, and competing effectively against other FinTechs and national institutions. The platform is built on a robust technology stack that includes web and mobile applications, native application programming interfaces (APIs), and microservices.
The company plans to utilise the new funds to cater to the increasing demand for its solutions, enhance its implementation and compliance resources, and expand its product suite, according to the press release issued on Thursday.
“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,” Brent Jackson, CEO and founder at Torpago, said.
Priority Technology Holdings chairman and CEO Thomas Priore remarked on the significance of Torpago’s platform, highlighting Priority’s experience serving both businesses and financial institutions. Jonathan Bresler, managing partner of EJF Ventures, also emphasised the impact of Torpago’s solutions in modernising key offerings for community and regional banks.
Torpago launched its solutions in late 2020, aiming to provide real-time integration and other benefits, facilitating better ways for employees to manage their expenses. In January, Torpago partnered with Marqeta and Sunwest Bank to launch the Sunwest Bank Visionary Card, a commercial credit card and expense management solution.
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