Torpago, a Burlingame, California-based commercial credit card and spend management provider, raised $10 million in Series B funding.
Investors
The round was co-led by Priority Tech Ventures and EJF Ventures, with participation from BankTech Ventures and other existing investors.
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.
Founded in 2005, 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.
Torpago Use of Funds
The company will use the funding to enhance implementation and compliance resources, expand its product suite, accelerate its path to profitability, and support the growing demand for its ‘Powered By’ solution.
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.
Funding Details
Company: Torpago, Inc.
Raised: $10.0M
Round: Series B
Funding Month: June 2024
Lead Investors: Priority Tech Ventures, EJF Ventures
Additional Investors: BankTech Ventures
Company Website: https://www.torpago.com/
Software Category: Spend Management
Source: https://www.businesswire.com/news/home/20240605547937/en