Torpago, spend and expense management Fintech, has raised $77 million claiming a valuation of over $1 billion.
In a release, Torpago said it raised $2 million in seed funding and a warehouse of $75 million to support the expansion of its platform.
The funding round was led by Operate with participation from Clear Haven Capital Management, former Summit Partners Managing Partner Walter Kortschak, and other strategic angel investors.
Torpago reports growing 100% month over month during 2021.
Brent Jackson, founder and CEO of Torpago, stated:
“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. 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. 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’s mission is to redefine how SMEs manage finances by empowering employees and allowing businesses to work more efficiently. Torpago offers integrations with Quickbooks, Netsuite, and many other systems that allow Torpago’s system to perform auto-reconciliation, operate real-time data feeds and define custom logic for expense and approval procedures.
