Positive third-quarter results with fintech transaction volumes up and new issuer signings.
Press Team
London, 10th October 2024 - 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.
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."
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.”
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.”
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.
Jim McCarthy, CEO of Thredd, said: “The recovery of the travel industry has been particularly exciting for us. Thredd’s payment solutions have played a pivotal role in helping OTAs and service providers manage large-scale payouts efficiently.”
Additionally, card-based programmes in Europe, particularly those supporting meal vouchers and small-ticket payments, also showed strong performance. The company noted that such programmes address the continued demand for contactless, convenient payment methods that are increasingly the norm for everyday purchases.
“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.
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