Torpago has shifted its customer base from small companies to banks, currently working with three banks and onboarding another six in the next two quarters. The company recently secured $10 million in Series B funding, co-led by Priority Tech Ventures and EJF Ventures, bringing its total equity funding to around $18 million. The new funding will be used to enhance its product suite, particularly in artificial intelligence for underwriting and risk scores, and to develop an AI travel booking engine for corporate travel.
Key takeaways:
- Torpago, a commercial credit card and spend management provider, is focusing on building technology for community banks, offering them fully-branded software that integrates with over 200 accounting systems.
- The company launched its Torpago Powered By product in 2023, which is designed for regional and community banks with under $20 billion in assets, enabling them to launch their own branded cards and spend management programs.
- Torpago recently secured $10 million in new Series B funding on a valuation of $55 million, which will be used to bolster its implementation and compliance resources and add to its product suite.
- The company plans to introduce artificial intelligence through large language models to help with underwriting, credit memos and risk scores, and is also planning to launch an AI travel booking engine for cardholders next quarter.