FNWB Partners with Torpago, Spend Management Fintech

Rhea-AI Summary

First Northwest Bancorp (FNWB) has entered a strategic partnership with Torpago, a corporate card and spend management platform, aimed at enhancing Torpago’s market presence. The partnership involves an equity investment and a line of credit to support Torpago’s expansion. FNWB will also implement Torpago’s corporate cards for its own operations. Both companies highlight the importance of innovative banking solutions, with Torpago expressing gratitude for FNWB's support as both an investor and partner. This collaboration reflects FNWB's strategy of engaging with fintech companies to improve service offerings.

Positive

• Strategic partnership with Torpago enhances FNWB's fintech engagement.
• Equity investment and line of credit provided to Torpago for market expansion.
• Implementation of Torpago's corporate cards in FNWB's operations improves efficiency.

Negative

• None.

PORT ANGELES, Wash., Aug. 09, 2022 (GLOBE NEWSWIRE) -- First Northwest Bancorp (FNWB) announced a strategic fintech partnership with Torpago, a rapidly 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 spend management software. We are excited to support Torpago’s growth as a customer and an investor,” shared 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. Additionally, First Fed is utilizing Torpago’s best-in-class corporate cards 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,” stated Brent Jackson, Founder and CEO of Torpago.

“We are always on the lookout for technology partners that offer innovative banking solutions,” added Chris Riffle, COO and Chief Digital Officer at First Fed. “Torpago impressed us with their streamlined platform and positive user experience. We are pleased to support them as they continue to grow.”

Torpago is on a mission to disrupt traditional corporate credit cards and modernize spend management for businesses of all sizes. The company is headquartered in San Francisco, California. Torpago has raised $80.2M since it was founded in 2019.

First Fed received a best-in-state bank award from Forbes in 2021. Also, the community bank was recognized as a “middle market fast 50” and “best workplace” by Puget Sound Business Journal. First Fed will be celebrating 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 activity of its subsidiary, First Fed Bank. First Fed is a community-oriented financial institution which has served 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 array of financial products and services for individuals, small business, and commercial customers. Additionally, First Fed focuses on strategic partnerships with financial technology (“fintech”) companies to develop and deploy digitally focused financial solutions to meet customers’ needs on a broader scale. FNWB also invests in fintech companies directly as well as through select venture capital partners. Fintech partnerships include banking-as-a-service, digital payments and marketplace 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 spend management platform on a mission to disrupt traditional corporate credit cards and modernize spend management for businesses of all sizes. Torpago empowers companies with simple and easy solutions that grant more extensive control and transparency of company spend. The Torpago cards and software enable thousands of businesses to better manage spend.

Media Contact:
Amanda Davis
Hudson Davis Communications
amanda@hudsondaviscommunications.com
805-657-8674

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

FAQ

What is First Northwest Bancorp's partnership with Torpago?

FNWB announced a strategic fintech partnership with Torpago to enhance market expansion through investment and use of Torpago's corporate card system.

What are the benefits of FNWB's partnership with Torpago?

The partnership supports Torpago's growth with financial backing and integrates its card services into FNWB's operations.

How will FNWB invest in Torpago?

FNWB's investment in Torpago includes an equity investment and a line of credit, facilitating Torpago's market expansion.

What does the strategic partnership mean for FNWB's future?

The partnership enhances FNWB's fintech capabilities and aligns with its strategy to improve service offerings through innovative banking solutions.