London, 19th June, 2024: TerraPay, a global leader in money movement, has chosen Thredd, a next-generation global payments platform, to power virtual card payments for global suppliers. This strategic partnership aims to develop payment solutions within the travel industry, offering seamless, secure, and compliant virtual card services to intermediaries as part of TerraPay’s cross-border money movement network.
Through this collaboration, TerraPay will leverage Thredd’s advanced virtual card technology to enhance its network, offering additional features to B2B travel intermediaries across international markets, allowing travel businesses to pay their suppliers quickly and easily, accelerating market entry times and eliminating barriers such as currency conversion.
Today’s announcement follows Thredd’s recent launch into the US, as well as the news of several C-suite hires, supporting their goal to expand internationally.
“Welcoming TerraPay as a new partner demonstrates our commitment to serving the B2B payments industry with robust and seamless solutions to solve challenges such as modernizing supplier payments,” said Jim McCarthy, Chief Executive Officer at Thredd.
“Thredd will enable TerraPay to launch in new international markets and offer additional features to meet the needs of the travel industry,” commented Ambar Sur, Founder & CEO at TerraPay. He added “We are excited to have Thredd as a new supplier and partner as we look to expand our money movement network to offer global customers a unified payments platform.”
The collaboration between TerraPay and Thredd is set to capitalize on the growing market for B2B virtual cards, which is projected to reach $300 billion by 2027. This partnership underscores TerraPay’s dedication to providing innovative financial solutions that drive efficiency and inclusivity within the travel sector and beyond.
About TerraPay:
TerraPay simplifies the movement of money everywhere – providing a single connection to the most expansive cross-border payments network regulated in 31 global markets and enabling payments to 144+ receive countries, 210+ send countries, 7.5Bn+ bank accounts and 2.1Bn+ mobile wallets. TerraPay is on a mission to connect a borderless financial world, making moving money everywhere instant, reliable, transparent and fully compliant. TerraPay pushes the boundaries for global businesses – ranging from banks, fintechs and money-transfer operators to travel businesses, creator economy platforms and e-commerce marketplaces – while driving financial inclusion in even the most inaccessible markets. Founded in 2014, TerraPay is headquartered in London, with global offices across Dubai, Miami, Bogota, Dakar, Joburg, Nairobi, Milan, Singapore, Bangalore and is expanding rapidly, having received funding from leading investors, including the IFC (the World Bank), Prime Ventures, Partech Africa and Visa.
For more information visit: terrapay.com
