aVenture is in Alpha: aVenture recently launched early public access to our research product. It's intended to illustrate capabilities and gather feedback from users. While in Alpha, you should expect the research data to be limited and may not yet meet our exacting standards. We've made the decision to temporarily present this information to showcase the product's potential, but you should not yet rely upon it for your investment decisions.
aVenture is in Alpha: aVenture recently launched early public access to our research product. It's intended to illustrate capabilities and gather feedback from users. While in Alpha, you should expect the research data to be limited and may not yet meet our exacting standards. We've made the decision to temporarily present this information to showcase the product's potential, but you should not yet rely upon it for your investment decisions.
© aVenture Investment Company, 2025. All rights reserved.
44 Tehama St, San Francisco, CA 94105
Privacy Policy
aVenture Investment Company ("aVenture") is an independent venture capital research platform providing detailed analysis and data on startups, venture capital investments, and key industry individuals.
While we strive to provide valuable insights with objectivity and professional diligence, we cannot guarantee the accuracy of the information provided on our platform. Before making any investment decisions, you should verify the accuracy of all pertinent details for your decision.
aVenture does not offer investment advisory services and is not registered as an investment adviser. The data provided by aVenture does not constitute recommendations or advice, whether by methodology or a statement written by a staff member of aVenture.
Links to external websites do not imply endorsement or affiliation with aVenture. References or links to providers offering the ability to invest in a primary or secondary transaction in a company are for convenience purposes only. They are not solicitations or offers to buy or sell an investment. Remember that past performance does not guarantee future results, and venture capital and private assets should be a contributory part of a diversified portfolio.
From TechCrunch
By Christine Hall
June 6, 2024
Fintechs often give banks a run for their money, pun intended, when it comes to using technology to improve the customer experience.
Torpago, a commercial credit card and spend management provider, is no different, but with one caveat — banks are who it builds technology for, particularly community banks.
It’s true, Torpago is often grouped with companies like Brex, Mercury and Ramp, all of whom Torpago founder and CEO Brent Jackson said are high-profile card and spend management platforms who have “done amazing jobs.” However, they continue to battle over the same business customer, he added. Instead, Jackson believes Torpago’s competitors are more like Fiserv and Finastra, both offering software to community banks.
“We started as a competitor with Brex and Ramp, as well as American Express and Capital One,” Jackson told TechCrunch. “It allowed us to also build a great product, but we realized early on that this is not the market we wanted to go after.”
That’s when the company launched its Torpago Powered By product in 2023, which incorporates everything the company built for small businesses, but instead of selling it directly, it’s geared for regional and community banks, with under $20 billion in assets, to launch their own branded cards and spend management programs.
The Torpago Powered By tools and infrastructure enable means that those banks’ to customers don’t have to leave the bank’s brand domain to get sophisticated fintech features. The bank gets fully-branded software from Torpago that integrates with over 200 accounting systems. It can issue virtual cards in real time or physical cards. And it has a dashboard to manage all things related to both products.
For Jackson, this strategy sets up Torpago as a partner with, not a competitor to banks. Banks have all the customers, and they have all the card volume, but “they have the absolute worst credit card tools and technology,” he said.
“We’re actually providing them with an experience that they can be proud to promote, and they can use to drive more fee income, help retain deposits and just get a better customer experience,” Jackson said. “Plus, the access to data is huge as well.”
Torpago says that one bonus for banks over its competitors is how Torpago shares data. “That’s one of the big things we kept hearing from all the banks working with other providers — that it was hard to get reporting and see insights into their own customers and how they were spending.”
Torpago initially secured 2,000 small companies as customers. Since making the shift to banks as customers, that was whittled down to 300 companies while it goes after bank customers. Torpago works with three banks currently and another six it is onboarding over the next two quarters.
Its new market also helped the company secure $10 million in new Series B funding on a valuation of $55 million, Jackson said. The round was co-led by Priority Tech Ventures, a division of Priority Technology Holdings, Inc., and EJF Ventures, with participation from BankTech Ventures and other existing investors. With the new investment, the company has raised around $18 million in equity funding, which includes a $6 million Series A in 2023.
Growth was solid over the past year as well, Jackson said. The company more than doubled its revenue since the Series A raise. Its revenues are generated by interchange fees. It also tracks total payment volume, which also more than doubled from the Series A, he said.
Over the past year, Torpago was rebuilding its infrastructure behind the scenes so that it could cater to banks. The Series B will now enable the company to bolster its implementation and compliance resources as it adds to its product suite.
Much of this will come in the way of artificial intelligence through large language models meant to help with underwriting, credit memos and risk scores, Jackson said. The company also plans to go after legacy products, like Concur, with an AI travel booking engine so cardholders can book corporate travel through Torpago’s AI chatbot. That product is on tap for next quarter, he said.
Meanwhile, Carey Ransom, managing director of BankTech Ventures, which led the Series A round, told TechCrunch that BankTech and EJF are more like strategic investors. Both have banks in their ecosystem that they will work with Torpago on introductions.
“We know this is not the type of market where there’s only going to be one winner,” Ransom said. “It’s a huge market in need of a significant upgrade across the board, and our banks have both the need and the opportunity to greatly upgrade their capabilities around commercial card and expense management. This is where Torpago has as good of capability as anybody else out there with the desire to be different. Partnering with and through banks is a great way to differentiate their approach.”
Share:
Gamemaker Polymath aims to make learning math as enjoyable as Roblox
As gaming platforms like Roblox and Minecraft continue to grow in popularity among young children, and with platforms like YouTube consuming hours of their daily screen time, edtech companies face challenges in capturing their attention. Polymath aims to tackle this by combining gamified mechanics inspired by these popular games with adaptive math lessons to make the learning experience more enjoyable. The educational sandbox game allows children to explore a virtual island where they can cus
Feb 17, 2025
Mistral releases regional model focused on Arabic language and culture
The next frontier for large language models (LLMs), one of the key technologies underpinning the boom in generative AI tools, might be geographical. On Monday, Paris-based AI startup Mistral — which is vying to rival the likes of U.S.-based Anthropic and OpenAI — is releasing a model that’s a bit different from its usual LLM. Named Mistral Saba, the new custom-trained model is designed to address a specific geography: Arabic speaking countries. The goal for Mistral Saba is to excel in Arabic in
Feb 17, 2025
xAI’s “Colossus” supercomputer raises health questions in Memphis
Elon Musk’s AI startup xAI plans to continue using 15 gas turbines to power its “Colossus” supercomputer in Memphis, Tennessee, according to an operating permit with the Shelby County Health Department for non-stop turbine use from June 2025 to June 2030. Why does it matter? The Commercial Appeal, a news outlet that obtained the documents, observes that environmental concerns have emerged, as the 20-year-old turbines emit hazardous air pollutants (HAP), including formaldehyde, at levels exceedi
Feb 15, 2025
Don't miss our latest news and updates. Subscribe to the newsletter