Torpago offers a commercial card and spend-management platform it now packages as Torpago Powered By so regional and community banks can launch branded cards and expense programs without sending customers outside the bank’s domain. The product integrates with over 200 accounting systems, can issue virtual and physical cards in real time, and includes a dashboard for card and spend management. The company pivoted from selling directly to small businesses—shrinking its direct base from about 2,000 to 300 companies—to focus on banks; it currently works with three banks and is onboarding another six over the next two quarters. Revenues are generated by interchange fees; Torpago more than doubled revenue and total payment volume since its 2023 Series A. Over the past year the team rebuilt infrastructure to serve banks and plans to bolster implementation and compliance resources with the new funding. Product roadmap includes AI/LLM features for underwriting, credit memos and risk scores, plus an AI travel-booking engine aimed at replacing legacy travel products next quarter. Torpago issues corporate cards and provides spend-management software that the company says can take a transaction from swipe to journal entry within seconds. The company plans to launch a new spend management platform intended to redefine how SMBs manage finances. Torpago reports rapid growth, claiming approximately 1,000 current business customers and a waitlist of 2,000+ businesses. It also reported 100% month-over-month growth throughout 2021. The company will use new financing to expand operations and onboard waitlisted customers. Torpago has raised at least $80.2 million to date, including the latest $77 million financing.

Total raised

$12M

Funding rounds

2

Latest round

Series B

Latest activity

Jun 2024