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Thredd, a next-generation payments processor, reported positive third quarter (Q3) results with 2024 on track to outperform all prior years, powered by a 20 per cent increase in transactions, key global client wins, programme expansions and growth in distinct payment segments and markets.
Thredd signed key new clients in Q3, including digital banks and saw existing business-to-business (B2B) programme expansion to the United States (US), in addition to the launch of virtual card programmes and a major card programme migration in Asia Pacific (APAC).
The company in a statement 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 Chief Executive Officer, Jim McCarthy said the company’s performance this year has exceeded its expectations, as it has added major global clients, expanded its network capabilities with the addition of the Discover and D
iners Club Networks, and strengthened its roster of fintech management talent with the hiring of Edwin Poot as Chief Technology Officer and Brian Kieley as Chief Client Officer.
Meanwhile, its Board Chairman, Gene Lockhart said: ‘Thredd’s leadership position in virtual cards, tokenization, BNPL, global cross-border remittance, payouts, and embedded finance offerings is only the beginning.”
The BNPL sector continued to thrive in Q3, with Thredd’s clients in the United Kingdom, Europe, and APAC witnessing combined transaction volume growth of 48 per cent.
Meanwhile, virtual card proliferation has fuelled significant gains in B2B payments, particularly in APAC where Thredd reported a 110 per cent increase in B2B card-based transactions owed to client growth in the region.
Moreover, the travel sector showed a strong resurgence in Q3, with Thredd transactions up 27 per cent year to date compared to 2023, driven by payouts to providers within the online travel agent ecosystem.
As the global travel industry con
tinues its recovery, efficient and scalable payment solutions remain a critical need for travel businesses, the company said.
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Source: BERNAMA News Agency
