LONDON, Oct 11 (Bernama-BUSINESS WIRE) -- Thredd, a leading next-generation payments processor, today announced positive third-quarter results with 2024 on track to outperform all prior years, powered by transactions up 20%, key global client wins, programme expansions and growth in distinct payment segments and markets.

According to the company, Thredd signed key new clients in the third quarter including digital banks and saw existing B2B programme expansion to the US. The company also announced the launch of virtual card programmes and a major card programme migration in APAC.

The company said these wins and programme launches follow other partnership extensions earlier in the summer with segment leaders in Buy Now Pay Later (BNPL), B2B payments, disbursements, and specialty travel programmes. Thredd client transaction growth across these sectors is further indication of the ongoing gains across the non-traditional issuer payment space, the company said.

“We are truly proud of Thredd’s performance this year as we have signed marquee name clients in regions across the globe, expanded our network capabilities with the addition of the Discover and Diners Club Networks, and added to the deepest roster of fintech management talent in the industry with the additions of Edwin Poot as CTO and Brian Kieley as Chief Client Officer,” said Jim McCarthy, CEO of Thredd, adding, “These results are a direct result of listening very carefully to our clients and responding to their needs with a commitment to serve. We are focused on bringing card programmes live and letting our clients’ successes be the storyline.”

Gene Lockhart, Thredd’s Board Chairman, added, “We believe 2024 will be our best year yet, and the team is capitalizing on this momentum by investing in an aggressive product and technology roadmap that will keep Thredd at the forefront of modern payments processing. Thredd’s leadership position in virtual cards, tokenization, BNPL, global cross-border remittance, payouts, and embedded finance offerings is only the beginning."

BNPL uptake

The Buy Now Pay Later (BNPL) sector continued to thrive in Q3, with Thredd's clients in the UK, Europe, and APAC witnessing combined transaction volume growth of 48%.

“Fintech innovation is driving substantial growth in BNPL, where we’re seeing strong adoption across multiple regions,” said McCarthy. “These solutions are transforming the financial landscape by offering consumers across the globe convenient, flexible, and transparent alternatives to traditional credit products.”

B2B Payments gaining traction

Virtual card proliferation has fuelled significant gains in B2B payments, particularly in APAC where Thredd reported a 110% increase in B2B card-based transactions owed to client growth in the region.

“Our APAC clients are innovating at pace and their customers are rapidly embracing virtual cards to facilitate B2B payments, especially transactions that cross borders,” added McCarthy. “With our addition of Discover and Diners Club Card along with Visa and MasterCard, there are even more opportunities for our clients to expand.”

Travel payouts on the rise

The travel sector showed a strong resurgence in Q3, with Thredd transactions up 27% YTD compared to 2023, driven by payouts to providers within the online travel agent (OTA) ecosystem. As the global travel industry continues its recovery, efficient and scalable payment solutions remain a critical need for travel businesses, the company said.

“Our most recent data underscores the critical role that fintechs continue to play in the global payments ecosystem, particularly as they bring value to previously underserved consumer and business segments,” McCarthy shared.

About Thredd:

Thredd is the trusted next-gen payments processing partner for innovators looking to modernise their payments offerings worldwide. We process billions of debit, prepaid and credit transactions annually, serving over 100 fintechs, digital banks, and embedded finance providers, from consumer to corporate, across 44 countries.

Thredd’s unique offering is its client-centric approach, combining hands-on support with modern, reliable, and scalable technology. Thredd’s assured solution accelerates the development and delivery of consumer and corporate payments components embedded within digital banks, as well as for expense management, B2B payments, crypto, lending, credit, Buy Now Pay Later (“BNPL”), FX, remittance, and open banking innovators. By partnering with our clients from concept to creation with our easily configurable solutions, we allow these leaders the agility to achieve their core business aspirations.

Thredd has enabled market leaders since 2007 and has a highly reliable platform with 99.99% availability. Thredd’s highly customisable solutions on our API-first platform, surrounded by our in-depth industry expertise, value-added services, global presence, and technical resilience, are designed to scale with ease. Thredd is certified by Visa and Mastercard to process transactions globally and has branded offices in London, Newcastle, Singapore, and Sydney, with remote colleagues based all over the world.

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Contact

Katie Moxom
katie.moxom@cognitomedia.com

Source : Thredd

--BERNAMA