Torpago

About Torpago

Torpago operates as a financial technology firm, providing a corporate card and expense management platform tailored for other businesses. The company was established in 2019 by Brent Jackson, who currently serves as the CEO. Jackson's background includes experience in corporate tax at Deloitte and as an early employee at Accrualify, a venture-backed company in the spend management sector. This experience informed the creation of Torpago, which was launched in 2020 after an initial seed capital raise from friends and family.

The company has since secured significant funding, including a $10 million Series B round in June 2024, to support its growth. Torpago's business model has evolved to focus on a "Powered By" solution, a white-label service that enables banks and credit unions to offer modern, branded commercial credit card programs and expense management software to their own customers. This B2B approach positions Torpago as an essential partner for financial institutions looking to modernize their offerings without building the technology in-house. Revenue streams for its partner banks are generated through interchange fees, with an opportunity to earn up to 80 basis points of customer spending.

Torpago's platform offers a suite of features including the issuance of both physical and virtual Visa corporate cards with customizable spending controls. The system is designed to eliminate manual expense reports by automating workflows and integrating with over 100 accounting, HRIS, and ERP systems such as QuickBooks, NetSuite, and Slack. Its software provides real-time expense tracking, automated approvals, and reimbursement processing. For its bank clients, Torpago provides a comprehensive back-end solution that includes underwriting support, compliance, customer service, and a bank-specific administrative portal to manage the card programs effectively.