Series B Funding Round of $10 Million Secured by Torpago

• Torpago, a commercial credit card and spend management provider, raises $10 million in Series B funding round led by Priority Tech Ventures and EJF Ventures.
• The investment will support Torpago’s ‘Powered By’ solution, a white-label commercial credit card platform aimed at helping regional banks compete with fintechs.
• The funding will be used to enhance implementation and compliance resources and expand Torpago’s product suite.
• CEO Brent Jackson emphasizes the importance of partnerships with fintechs for modernizing bank offerings.
• Returning investors from the Series A round express eagerness to continue working with Torpago as it evolves and delivers on its mission.

Torpago Raises $10 Million in Series B Funding

Torpago, a leading commercial credit card and spend management provider, has just announced a significant milestone in its growth journey. The company has successfully secured $10 million in a Series B funding round, marking a crucial step towards expanding its innovative solutions in the financial technology sector.

Co-Leaders in Funding Round

The Series B funding round was co-led by Priority Tech Ventures, a division of Priority Technology Holdings, Inc., and EJF Ventures, showcasing the confidence of prominent investors in Torpago’s vision and potential. Additionally, BankTech Ventures and other existing investors joined in this round, emphasizing the industry’s recognition of Torpago’s value proposition.

The investment comes at a strategic time for Torpago, following the recent launch of Sunwest Bank’s Visionary Card. This funding will enable Torpago to meet the increasing demand for its ‘Powered By’ solution, a white-label commercial credit card and expense management software platform tailored for banks.

Related Video

Published on: March 27, 2023 Description: Gale Wilkinson, managing partner at Vitalize Venture Capital, breaks down the different funding rounds with Andy Hagans on The ...

Startup Funding Explained: Pre-seed vs. Seed vs. Series A vs. Series B

Empowering Banks with ‘Powered By’ Solution

Torpago’s ‘Powered By’ solution plays a pivotal role in empowering regional and community banks to compete effectively against fintechs and larger institutions. By offering a comprehensive end-to-end commercial credit card and expense management platform, Torpago enables banks to differentiate their product offerings and enhance their commercial client base.

The Series B funding will be instrumental in enhancing Torpago’s implementation and compliance resources, further strengthening the company’s ability to deliver top-notch services to its clients. With a focus on product innovation and expanding its suite of solutions, Torpago is poised to drive significant value for banks and credit unions nationwide.

Strategic Vision and Partnerships

Brent Jackson, CEO and Founder of Torpago, highlighted the shifting landscape in the financial industry, where fintechs are now viewed as essential partners for banks and credit unions seeking to modernize their services. The Series B funding represents an opportunity for Torpago to build on its momentum, driving forward with a commitment to excellence and innovation.

Returning investors from Torpago’s previous Series A funding round, including EJF Ventures, BankTech Ventures, and other key stakeholders, are enthusiastic about the company’s trajectory. These investors have not only provided capital but also strategic guidance, underscoring their belief in Torpago’s mission and potential impact on the banking sector.

Through strategic partnerships with community and regional banks, Torpago is poised to revolutionize commercial treasury capabilities and drive non-interest income growth for financial institutions. The company’s white-label platform has garnered significant interest, with industry leaders recognizing its potential to transform the banking landscape.

As Torpago continues to evolve and expand its reach, the support and collaboration of investors like EJF Ventures, BankTech Ventures, and other key players will be instrumental in realizing the company’s vision of modernizing key offerings in the financial services market.

Torpago’s successful Series B funding round signifies a significant milestone in the company’s growth trajectory. With strong investor support, a clear strategic vision, and a commitment to innovation, Torpago is well-positioned to make a lasting impact in the financial technology space, empowering banks and credit unions with cutting-edge solutions for the future.