Torpago has obtained $10 million in Collection B funding for its company card program for banks.
Precedence Tech Ventures and EJF Ventures co-led the spherical.
Torpago will use the funds to handle demand for its Powered By answer, the corporate’s white-label, end-to-end business bank card and expense administration software program platform.
Company card program supplier Torpago introduced yesterday it obtained $10 million in Collection B funding. The funding was co-led by Precedence Tech Ventures and EJF Ventures. BankTech Ventures and different present buyers additionally contributed.
Torpago will use the funds to handle demand for its Powered By answer, the corporate’s white-label, end-to-end business bank card and expense administration software program platform. The answer is geared towards banks and, particularly, goals to assist regional and group banks compete towards fintechs and nationwide establishments. Torpago can even use the funds to reinforce implementation and compliance sources and develop its product suite.
“We’re at an inflection level the place financial institution and credit score union leaders are not seeing fintechs as competitors, however slightly as important companions to assist and modernize their choices and infrastructure,” mentioned Torpago CEO and Founder Brent Jackson. “The Collection B is a chance for Torpago to proceed our momentum in product innovation and develop our top-of-the-line service that turns into a recreation changer for banks and credit score unions and their prospects throughout the nation.”
The corporate famous that its buyers are “desirous to proceed working” with the corporate. Buyers together with EJF Ventures, BankTech Ventures, Assurant Ventures, NFL star David Bakhtiari, and others have served as strategic companions, serving to with pipeline technology and business technique. “Along with offering capital and introducing Torpago to our ecosystem companions, we look ahead to engineering an working plan that accelerates Torpago’s path to profitability,” mentioned Precedence Expertise Holdings Chairman and CEO Thomas Priore.
In the present day’s funding comes after a $6 million Collection A spherical Torpago landed in 2023 and boosts the California-based firm’s whole funding to over $96 million.
Picture by LinkedIn Gross sales Navigator
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