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- Torpago Secures $10M Series B Funding
Torpago Secures $10M Series B Funding
Slice of Finance Team
13 Jun
Key Highlights:
Torpago secures $10M in Series B funding, co-led by Priority Tech Ventures and EJF Ventures.
Funding to enhance implementation and compliance resources for Torpago’s platform.
Torpago’s ‘Powered By’ solution aids banks in competing with fintechs.
Returning investors include EJF Ventures, BankTech Ventures, and NFL star David Bakhtiari.
Focus on expanding product innovation and service quality for banks and credit unions.
Source (Business Wire)
Notable Quotes
“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.”
“Working closely with community and regional banks across the country, we understand how impactful the program Torpago provides will be on modernizing key offerings.”
“Priority’s experience serving both businesses and financial institutions helped us appreciate the importance of Torpago’s platform.”
Our Take:
Torpago's successful Series B funding round underscores its significant role in the evolving landscape of banking technology. By securing $10 million, Torpago is well-positioned to enhance its ‘Powered By’ solution, which offers a competitive edge to community and regional banks through a sophisticated commercial credit card and expense management platform. This move highlights a growing trend where traditional financial institutions are increasingly partnering with fintechs to modernize their services and infrastructure, moving away from viewing them as competition. The involvement of high-profile investors and strategic partners further validates Torpago's business model and its potential to revolutionize the banking sector.