FNWB Partners with Spend Management Fintech Torpago

PORT ANGELES, Wash., Aug. 09, 2022 (GLOBE NEWSWIRE) — First Northwest Bancorp (FNWB) announced a strategic fintech partnership with Torpago, a growing enterprise card and expense management platform.

“When evaluating corporate card providers, Torpago impressed us with the ease of use and effectiveness of its integrated expense management software. We are excited 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 a line of credit to enable the expansion of Torpago’s market. Additionally, First Fed uses Torpago’s best corporate cards for its own expense management system.

“First Fed brings a strong heritage 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 who offer innovative banking solutions,” added Chris Riffle, COO and Chief Digital Officer at First Fed. “Torpago impressed us with its streamlined platform and positive user experience. We are delighted to support them in their growth. »

Torpago is on a mission to disrupt traditional corporate credit cards and modernize expense management for businesses of all sizes. The company is headquartered in San Francisco, California. Torpago has raised $80.2 million since its inception in 2019.

The first Fed was awarded Forbes’ Best Bank in the State in 2021. Additionally, the community bank was recognized as a “Fast 50 Middle Market” and “Best Place to Work” by the Puget Sound Business Journal . First Fed will celebrate its centennial in 2023 in Port Angeles, Washington.

About the FNWB

First Northwest Bancorp (Nasdaq: FNWB) is a bank holding company engaged in investment activities, including the business activity of its subsidiary, First Fed Bank. First Fed is a community-driven financial institution that has been 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 creating sustainable profits by providing a full range of financial products and services to personal, small business and commercial customers. Additionally, First Fed is focused on strategic partnerships with financial technology (“fintech”) companies to develop and deploy digitally-enabled financial solutions to meet customer needs on a larger 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 market lending. FNWB was incorporated in 2012 and is headquartered in Port Angeles, Washington.

Contact:
Matthew P. Deines
President and CEO
360-457-0461

About Torpago

Torpago is a financial services and expense management platform on a mission to disrupt traditional business credit cards and modernize expense management for businesses of all sizes. Torpago offers companies simple and easy solutions that allow for greater control and transparency of company expenses. Torpago cards and software enable thousands of businesses to better manage their expenses.

Media Contact:
Amanda Davis
Hudson Davis Communications
[email protected]
805-657-8674

A photo accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/01e9905a-316b-46e8-a2f6-e800a45c1a85

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