- BNPL Transactions surge, corporate spending continue through June signalling further traction of fintechs
- A key, competitive renewal with Zilch reinforces Thredd’s position as a global leader in fintech payments
- Further momentum through H1 2024 includes new business with Discover, Nium, and Terrapay as well as U.S expansion inroads
LONDON, 1st August 2024 - Thredd, the rapidly expanding next-generation global payments platform, reports both industry-wide growth in fintech-led digital payments and the renewal of its partnership with Zilch, the world’s first ad-subsidised payments network (ASPN). This positive trajectory, coupled with recent product and market expansion, adds further momentum to Thredd’s leadership in modern payments processing.
“2024 continues to build on the robust foundation we established in 2023. Our clients, both new and old, are driving strong transaction growth, through a combination of market expansion and increasingly innovative financial services solutions,” said Jim McCarthy, Chief Executive Officer at Thredd. “The expansion we have seen is a testament to their resilience and the demand for new payments use cases in both B2C and rapidly growing B2B payments.”
In February, Thredd noted an atypical early-year uptick in debit and prepaid transactions across several business verticals. This growth has continued in BNPL (+56% YTD), corporate spend management (+74%) and B2C Retail (+28%) transactions.
Success Story: A Growing Partnership with Zilch
BNPL shows no signs of slowing. Since January 2022, Thredd’s clients in this space have seen transaction volumes grow by 175%, reflecting the growing importance of instalment payment options at the point of sale. Leading the way is Zilch, with whom Thredd has recently renewed, retaining the business in a hotly contested evaluation against larger US and European-based competitors. Zilch, one of the world’s fastest growing BNPL providers and a true innovator in this space, offers consumers repayment optionality combined with cashback and rewards through a regulated and unique business model where they uniquely combine the world's $1 trillion dollar advertising with personal credit.
The Zilch-Thredd partnership combines payment network connectivity and transaction management expertise that allows Zilch to focus on its key business objectives of driving billions in commerce to retail partners on ASPN while delivering hundreds of millions of savings, discounts and rewards to their growing customer base. The two companies work collaboratively on product and service innovations to improve the experience of over 4 million customers using Zilch.
“Working together with Zilch since their inception, we’ve had the privilege to be a part of their incredible growth,” said Jim McCarthy. “We sincerely appreciate the trust that Zilch has put in Thredd to help them reach more than 10 million monthly payments, and are looking forward to continuing our close working relationship to help Zilch set further growth records. We’ve seen Zilch grow from zero to over 4 million registered users, gain industry-leading utilisation rates where their customers pay on their platform 100 times a year on average and over $3bn in sales using Thredd as a trusted partner”
Philip Belamant, CEO and Co-Founder of Zilch commented: “Thredd has always allowed us to focus on delivering an unparalleled service to our customers. With Jim at the helm as the driving force of their talented team, it gives us confidence that Zilch will continue to have a reliable and secure payments link in the background as we continue in our next phase of rapid growth and roll-out of innovative products for our customers.”
Rakesh Harji, Chief Operating Officer at Zilch, added: “From inception, our partnership with Thredd has been crucial in building the core infrastructure to securely handle over 10 million monthly transactions and maintain a seamless user experience. Thredd have been with us from zero to over 4m customers and we look forward to continued innovation on product and services as we scale the business and expand our offering to our highly active customers who trust Zilch for their increasing daily lifestyle payment needs.”
