Fintech Torpago Raises $10 Million Series B

White-label spend management and card platform Torpago has raised $10 million in a Series B funding round. Priority Tech Ventures and EJF Ventures co-led the round, which also included BankTech Ventures and other existing investors.

Torpago raised a $6 million Series A round in 2023.

Torpago said it will use the money to “enhance implementation and compliance resources while continuing to expand Torpago’s product suite.”

Brent Jackson, CEO and Founder of Torpago, said the company is at an inflection point, where banks and credit unions are no longer viewed as competitors with Fintechs but rather partners.

“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.”

Torpago seeks to support banks and credit unions with white-labeled business credit cards, expense management software, and end-to-end program management. Its platform facilitates the adoption and deployment of these products.