- Torpago has received $10 million in Series B funding for its corporate card program for banks.
- Priority Tech Ventures and EJF Ventures co-led the round.
- Torpago will use the funds to address demand for its Powered By solution, the company’s white-label, end-to-end commercial credit card and expense management software platform.
Corporate card program provider Torpago announced yesterday it received $10 million in Series B funding. The investment was co-led by Priority Tech Ventures and EJF Ventures. BankTech Ventures and other existing investors also contributed.
Torpago will use the funds to address demand for its Powered By solution, the company’s white-label, end-to-end commercial credit card and expense management software platform. The solution is geared toward banks and, specifically, aims to help regional and community banks compete against fintechs and national institutions. Torpago will also use the funds to enhance implementation and compliance resources and expand its product suite.
“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,” said Torpago CEO and Founder Brent Jackson. “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.”
The company noted that its investors are “eager to continue working” with the company. Investors including EJF Ventures, BankTech Ventures, Assurant Ventures, NFL star David Bakhtiari, and others have served as strategic partners, helping with pipeline generation and commercial strategy. “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,” said Priority Technology Holdings Chairman and CEO Thomas Priore.
Today’s investment comes after a $6 million Series A round Torpago landed in 2023 and boosts the California-based company’s total funding to over $96 million.