The corporate card and spend management platform is poised to redefine small business finance.
FinTech spend management platform Torpago announces today the closing of their oversubscribed $2M seed round. The round was led by Operate with participation from Clear Haven Capital Management, former Summit Partners Managing Partner Walter Kortschak, and other strategic angel investors. This investment comes in the wake of rapid growth for the company: 100% MOM throughout 2021 and into 2022. In addition to the equity round, Torpago secured a $75M warehouse financing round to support its rapid expansion and launch of its spend management platform.
The business spend management industry has seen a massive shift since the pandemic began in early 2020. In a recent global research study of CFOs conducted by Accenture, 79% of respondents said that the effects of the pandemic crisis have compelled them to ramp up their technology transformation. The pandemic made small and medium-sized businesses turn to digital services to improve cash flow and modernize their payments and expenses ecosystems (source).
Capitalizing on this shift, Torpago's platform enables finance leaders to empower their employees while retaining control over business expenses. Torpago adds previously untapped value to employees: improved employee experience with business expense automation and removed employee stress of waiting to be reimbursed for business-related purchases.
"This is a huge time for Torpago as a company" shares Founder & CEO Brent Jackson. "We are excited for this funding as it acknowledges our vision. We have seen firsthand how tedious the traditional expense management process can be. Torpago alone accomplishes what traditionally might take three disparate systems. With our cards and software, companies can go from a swipe to journal entry within seconds." Jackson concludes, "This funding will allow us to expand our operations and onboard our waitlisted customers; we are rapidly approaching 1,000 current business customers with a waitlist of 2,000+ businesses."
Torpago's mission is to be at the peak of business payments: to redefine how small and medium-sized businesses manage finances through empowering employees and allowing businesses to work more efficiently. Industry leading integrations with Quickbooks, Netsuite, and many other systems allow Torpago's system to perform auto-reconciliation, operate real time data feeds and define custom logic for expense and approval procedures.
"Business today is all about flexibility, innovation, and delivering an amazing experience to the end customer, which also includes employees. Torpago has all three." shares Carey Ransom, President of Operate. "They help elevate the experience of employees, managers, and business owners alike. We're thrilled to be part of this journey with them."
About Torpago
Torpago is a FinTech spend management platform on a mission to disrupt traditional corporate credit cards and modernize spend management for businesses of all sizes. Torpago empowers companies with simple and easy solutions that grant more extensive control and transparency of company spend. Launched in 2020, the Torpago cards and software enable hundreds of businesses to better manage spend.
About Operate
Operate believes founders need more than capital and advice to be successful. Operate embeds its team of top-tier operators into a startup to work side-by-side with the founders, with the purpose of higher probability of success and execution on the company vision. Founded by a team of operators who will do anything its companies need to become successful, the approach is working, with faster startup launches and finding key milestones such as product / market fit. Operate has invested capital and its team into 20 companies since 2020.
About Clear Haven
Clear Haven Capital Management is a private credit fund manager in New York that provides flexible capital solutions to FinTech companies in seed to late-stage growth cycles. Our partner companies are building the future of financial services in areas such as consumer lending and credit cards, real estate, automotive finance, and SME finance. The firm is led by industry veterans in financial services and is committed to helping their clients succeed by providing efficient capital market solutions needed to scale their companies.
Read the official press release HERE.
