Fintech Torpago Introduces Credit Card Program for Community Banks, Credit Unions

Torpago, a modern business credit card and spend management platform provider, today launched Powered By, a private label credit card program that will “allow community banks and credit unions to launch their own fully branded, end-to-end corporate credit card product and accompanying spend management platform.”

The program is designed “to help local and regional financial institutions better serve their existing customers and attract more sophisticated business clients.”

Common third-party card programs “have not evolved with the needs of modern banks and their corporate customers, leaving community banks and credit unions at a disadvantage compared to larger financial institutions.”

Torpago’s program “offers a complete solution for banks to upgrade their existing credit card offerings or launch a new card program, without requiring the internal infrastructure or upfront cost of building a card from scratch.”

Brent Jackson, Founder and CEO of Torpago, said:

“We’re constantly listening to our customers and quickly recognized that this was a massive need in the banking industry. The core of everything we do is identifying big problems and creating smart solutions to solve them. Torpago was initially built to address the widespread lack of modern accounting and expense management solutions for medium and small businesses. Launching Powered By was clearly the next evolution in doing what we do best.”

Powered By is designed “to solve the pain points local banks and credit unions frequently have with current third-party cards by providing customer service support, modern platforms that accompany the card and visibility into the company’s spending data.”

It is tailored “to help banks and credit unions continue to serve business customers as their operations grow.”

The program “includes physical and virtual cards, as well as enterprise-level solutions such as an app and web platform that offers built-in expense policies, multi-level approval workflows, a reimbursement module, bill pay and 1,000 + ERP, HR and banking system integrations.”

Lei Wang, Chief Technology Officer at Torpago, said:

“Torpago handles all the coding, infrastructure and continuous innovation behind the Powered By program, so community banks and credit unions can focus on what differentiates them in the industry – building great customer relationships. As businesses scale, their accounting needs grow, too. Our software is equipped to meet business needs at every size, with features like spend controls, accounting app integrations, and risk-management.”

Powered By aims “to level the playing field in the banking industry by allowing community banks and credit unions to offer cutting-edge solutions to customers ranging from small businesses to enterprise-level companies.”

It also reaches small businesses and banking customers “in more traditional industries that are often underserved by FinTech companies.”

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