Series B funding comes on heels of $6 Million Series A to accelerate Torpago’s transformation of bank-branded commercial credit card and expense products
SAN MATEO, Calif.– June 6, 2024 -Torpago, a commercial credit card and spend management provider, today announced it 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.
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.
Torpago will use the Series B funding to enhance implementation and compliance resources while continuing to expand Torpago’s 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 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, are eager to continue working with the company. Torpago’s investors have been strategic partners, primarily from a pipeline generation and commercial strategy perspective, as the company evolves and delivers on its mission.
“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.”
“We were given an early look at Torpago’s white-label platform and knew that this could become the future for banks and credit unions in terms of taking their commercial treasury capabilities to the next level. Non-interest income is an essential part of community banks’ futures and Torpago is a great start for them," said Carey Ransom, Managing Director of BankTech Ventures, which led the Series A round. “We are excited to introduce Torpago to the 100+ banks in our ecosystem.”
About Torpago
Torpago equips banks and credit unions with white-labeled business credit cards, expense management software, and end-to-end program management. Built on a modern technology stack featuring web and mobile apps, native APIs and microservices, Torpago’s platform facilitates the seamless adoption and deployment of market-leading business credit card and expense management products. Torpago is headquartered in Burlingame, California. For more information, visit Torpago's website, and follow Torpago on LinkedIn, and X.
About EJF Capital
EJF Capital LLC is a global alternative asset management firm headquartered outside of Washington, D.C. with offices in London, England and Shanghai, China. As of March 31, 2024, EJF manages approximately $5.9 billion* across a diverse group of alternative asset strategies. The firm was founded in 2005 by Manny Friedman and Neal Wilson. To learn more, please visit http://ejfcap.com and please read additional Risks and Limitations located here.
*Firm AUM includes $3.0 billion in CDO assets through affiliates and $165.3 million of uncalled capital.
About Priority Tech Ventures
At Priority Tech Ventures, our mission is to accelerate early stage technology companies, where payments is an important part of the value chain by providing technology, operations, sales and financial resources. Priority Tech Ventures is a division of Priority Technology Holdings, a solution provider in Payments and Banking as a Service operating at scale with 860,000 active customers across its SMB, B2B and Enterprise channels processing $120 billion in annual transaction volume and providing administration for $900 million in deposits. Priority’s purpose-built technology enables clients to collect, store, lend and send money and provides customers the acceptance and AP payment applications and Passport financial tools that best optimize their cash flow and maximize working capital.
About BankTech Ventures
BankTech Ventures exists to make community banks better. BankTech identifies, de-risks and invests in leading bank-enabling technology companies that deliver maximum value and impact for their digitally transformed futures. BankTech’s strategic investment fund and ecosystem are designed to deliver compelling solutions with community banks at the center of it all - bringing together bankers, industry organizations, and founders to work collaboratively to accelerate innovation in banking. Follow BankTech on LinkedIn and X. For more information, visit https://www.banktechventures.com/