PORT ANGELES, Wash., Aug. 09, 2022 (GLOBE NEWSWIRE) — First Northwest Bancorp (FNWB) announced a strategic fintech partnership with Torpago, a fast-growing corporate card and spend management platform.
“When evaluating corporate card providers, Torpago impressed us with the ease of use and efficiency of its integrated expense management software. We are pleased to support Torpago’s growth as a customer and investor,” said Matt Deines, CEO of FNWB and First Fed.
The partnership will include an equity investment and line of credit to enable Torpago’s market expansion. In addition, First Fed uses Torpago’s best corporate card for its own spend management system.
“First Fed brings a strong legacy of excellence in financial services. We are honored to have them as both investors and partners,” said Brent Jackson, founder and CEO of Torpago.
“We are always looking for technology partners that provide innovative banking solutions,” added Chris Riffle, COO and Chief Digital Officer of First Fed. “Torpago impressed us with their streamlined platform and positive user experience. We are excited to support them as they continue to grow.”
Torpago is on a mission to disrupt traditional business credit cards and modernize cost management for businesses of all sizes. The company is headquartered in San Francisco, California. Torpago has raised $80.2 million since it was founded in 2019.
First Fed received a best-in-state bank award from Forbes in 2021. The community bank was also recognized as a “mid-market fast 50” and “best workplace” by the Puget Sound Business Journal. First Fed will celebrate its centennial in 2023 in Port Angeles, Washington.
About FNWB
First Northwest Bancorp (Nasdaq: FNWB) is a bank holding company engaged in investment activities including the business activities of its subsidiary First Fed Bank. First Fed is a community-oriented financial institution serving customers and communities since 1923. Currently, First Fed has 16 locations in Washington State, including 12 full-service branches. First Fed’s business and operating strategy is focused on building sustainable earnings by delivering a full range of financial products and services for individuals, small businesses and commercial clients. In addition, First Fed focuses on strategic partnerships with financial technology (“fintech”) companies to develop and deploy digitally focused financial solutions to meet customer needs on a broader scale. FNWB also invests in fintech companies directly as well as through selected venture capital partners. Fintech partnerships include banking-as-a-service, digital payments and marketplace lending. The FNWB was incorporated in 2012 and is headquartered in Port Angeles, Washington.
Consult:
Matthew P. Deines
President and CEO
360-457-0461
About Torpago
Torpago is a financial services and expense management platform with a mission to disrupt traditional business credit cards and modernize expense management for businesses of all sizes. Torpago provides companies with simple and easy solutions that provide more comprehensive control and transparency over the company’s consumption. The Torpago cards and software enable thousands of businesses to better manage their spending.
Media contact:
Amanda Davis
Hudson Davis Communications
[email protected]
805-657-8674
An image accompanying this announcement is available at
