back Back

Torpago raises $10m in Series B round co-led by Priority Tech Ventures & EJF Ventures

By Gloria Mathias

June 10, 2024

  • BankTech Ventures
  • Commercial Credit card
  • EJF Ventures
Share

Torpago, Spend Management Company, fintech News, Fintech solutions, Fintech Appointment, Fintech USA, Fintech  Funding, series B round, Torpago, a commercial credit card and spend management provider, has raised $10 million in a Series B funding round.

The round was co-led by Priority Tech Ventures, a division of Priority Technology Holdings, Inc., and EJF Ventures, with participation from BankTech Ventures and other existing investors.

Torpago will use the Series B funding to enhance implementation and compliance resources while continuing to expand Torpago’s product suite.

Following the launch of Sunwest Bank’s Visionary Card, this investment will help Torpago service growing demand for its ‘Powered By’ solution, a white-label, end-to-end commercial credit card and expense management software platform designed for banks. Driving commercial client growth by product differentiation, Torpago ‘Powered By’ helps regional and community banks compete against FinTechs and national institutions.

“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 Brent Jackson, CEO and Founder at Torpago. “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.”

Coming off a $6 million Series A in 2023, Torpago’s returning investors, including EJF Ventures, BankTech Ventures, Assurant Ventures, NFL star David Bakhtiari, and more, look forward to continuing to work with the company.

“Working closely with community and regional banks across the country, we understand how impactful the program Torpago provides will be on modernizing key offerings,” said Jonathan Bresler, Managing Partner of EJF Ventures. “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.”

“Priority’s experience serving both businesses and financial institutions helped us appreciate the importance of Torpago’s platform,” said Thomas Priore, Chairman and CEO of Priority Technology Holdings. “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.”

Previous Article

June 10, 2024

Klarna signs deal with Sainsbury’s for interest-free BNPL payments

Read More
Next Article

June 10, 2024

SiFi, a Saudi spend management FinTech, raises $10m funding

Read More






IBSi Daily News Analysis

UAE, money transfer

June 14, 2024

BankTech Ventures

Digital remittances surge as key lifeline amid global economic challenges, study shows

Read More

IBSi FinTech Journal

  • Most trusted FinTech journal since 1991
  • Digital monthly issue
  • 60+ pages of research, analysis, interviews, opinions, and rankings
  • Global coverage
Subscribe Now

Other Related News

Today

Mastercard taps Thought Machine to advance its core banking capabilities

Read More

June 14, 2024

Fingerprints partners with Italy’s WiBioCard for smart card solutions

Read More

June 14, 2024

IDVerse brings Identity Verification solution to Temenos Exchange

Read More

Related Reports

Sales League Table Report 2023
Know More
Global Digital Banking Vendor & Landscape Report Q1 2024
Global Digital Banking Vendor & Landscape Report Q1 2024
Know More
Wealth Management & Private Banking Systems Report Q1 2024
Wealth Management & Private Banking Systems Report Q1 2024
Know More
IBSi Spectrum Report: Supply Chain Finance Platforms Q4 2023
Know More
Treasury & Capital Markets Systems Report Q1 2024
Know More

IBSi Sales League Table

The industry acknowledged barometer of global banking technology vendor performance!
Get your copy now!
close-link
Get your copy now! IBSi Sales League Table 2023