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Torpago secures USD 10 million to enable banks to launch corporate card programs
Business Expense Management
Jun 6, 2024
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Business Expense Management

Business Expense Management

Jun 6, 2024

Torpago secures USD 10 million to enable banks to launch corporate card programs

Funding

  • Torpago, a corporate card program provider for SMBs, has raised USD 10 million in Series B funding co-led by Priority Tech Ventures and EJF Ventures, with contributions from BankTech Ventures and other existing investors.

  • The funding will meet the demand for Torpago's "Powered By" solution, a white-label commercial credit card and expense management software platform, to help regional and community banks compete with larger FinTechs and national institutions. The funds will also enhance its implementation and compliance resources while expanding its product suite.

  • Analyst QuickTake: The latest funding round follows its Series A funding in March 2023 and further strengthens Torpago’s unique product offering, where it focuses on the B2B market for regional and commercial banks instead of competing in the B2C market with established players such as Brex and Ramp

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