Torpago’s Strategic Pivot: Partnering with Community Banks to Revolutionize Credit Card Technology

Torpago, provider of business credit cards and expenditure management, distinguishes itself from fintech rivals like Brex, Mercury, and Ramp by focusing on technology solutions for small community banks. Unlike its competitors, who vie for the same business customers, Torpago aims to strengthen community and regional banks, with less than $20 billion in assets, through its Torpago Powered By product. Launched in 2023, this product allows banks to offer branded cards and sophisticated spend management programs, while maintaining their own brand domain. Torpago enables banks to issue virtual and physical cards instantly and administer all associated services from a single, easy-to-use interface.

According to founder and CEO Brent Jackson, Torpago approaches banks as a partner, rather than a competitor. The company recently secured$10 million in Series B funding, raising its total equity funding to $18 million and cemented its status as a trusted partner for small regional banks. The shift has strengthened its customer base of 300 small companies, and the company is also partnering with three banks and onboarding six more. Future plans include leveraging artificial intelligence for underwriting and risk assessment and developing an AI-driven travel booking engine to compete with legacy products like Concur.

Become a Subscriber

Please purchase a subscription to continue reading this article.

Subscribe Now

Read more