Torpago, a corporate card and spend management platform headquartered in San Francisco, announced raising $77 million in funding today, including a $2 million seed round led by Operate, according to a press release.
The funding also included a $75 million warehouse financing round, which the company says will be used to support its rapid expansion and launch a new spend management platform.
“This funding will allow us to expand our operations and onboard our waitlisted customers; we are rapidly approaching 1,000 current business customers with a waitlist of 2,000+ businesses,” Torpago founder and CEO Brent Jackson stated in the release.
Clear Haven Capital Management, former Summit Partners Managing Partner Walter Kortschak and strategic angel investors also participated in the seed round, which was oversubscribed according to the release.
Torpago has now raised at least $80.2 million in total funding, including an undisclosed pre-seed round led by Operate in August, a $3 million debt financing round in January and a $218,500 seed round in October 2019.
The company says it has been experiencing rapid growth, stating 100% month-over-month increase throughout 2021, amid explosion in the corporate spending sector this year.
In a recent global research study of CFOs conducted by Accenture, 79% of respondents said the effects of the pandemic have compelled them to ramp up technology transformation, with many SMBs utilizing digital services to improve cash flow and expense ecosystems.
Now, Torpago says it plans to introduce a spend management platform which will enable the company to redefine how SMBs manage finances.
Notable news in the segment include Brex recently hitting ‘decacorn’ status with a $300 million funding round led by Greenoaks, Ramp announcing a $300 million Series C round to hit a $3.9 valuation in August, and TripActions announcing a $7.5 million valuation following a $275 million fundraise led by Greenoaks.
“This is a huge time for Torpago as a company. We are excited for this funding as it acknowledges our vision. We have seen firsthand how tedious the traditional expense management process can be,” Jackson said.
“Torpago alone accomplishes what traditionally might take three disparate systems. With our cards and software, companies can go from a swipe to journal entry within seconds.”