Torpago, a commercial credit card and spend management provider, raised $10 million in a Series B funding round.
The San Mateo, Calif., company said in a press release that the round was co-led by Priority Tech Ventures and EJF Ventures, with participation from BankTech Ventures and others.
The investment will help Torpago serve demand for its white-label, end-to-end commercial credit card and expense management software platform. The funds will allow the company to enhance implementation and compliance resources.
“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,” Brent Jackson, Torpago’s CEO, said in the release.
The finding “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,” Jackson added.
Torpago raised $6 million Series A funding in 2023.