Thredd, the issuer payments platform, announced that 2023 will deliver the “best” performance in the company’s history.
With strong support from investors including Advent International, Viking Capital, Temasek and Mission OG, Thredd expanded its leadership role in “the payment ecosystem, driving client-centric expansion across global markets with sights set on leveraging this momentum for future growth.”
During 2023, Thredd expanded its existing customer base, “increasing its transaction growth across several regions. In a difficult year for the fintech industry, Thredd’s organic growth from existing customers in Europe and Asia Pacific increased by 20%, and new client sales tripled. Thredd also expanded its geographic footprint, signing several clients, including Cape, Paytron, BigPay and others in Malaysia, Thailand, Philippines, Hong Kong, and Australia.”
Gene Lockhart, Thredd’s board chairman, said:
“Thredd’s 2023 performance confirms our belief that this organisation could take modern issuing processing well beyond its original remit. Working hand in hand with Thredd’s investors, the entire Thredd organisation has come together to deliver a clear strategy and plan for sustained expansion. We are all very proud of the team’s achievements.”
Thredd experienced exponential growth “across various industries, with a record-breaking 150% increase in new sales.”
These areas include digital banking, B2B payments, B2C payments and numerous program types, “including cross-border, travel, financial inclusion, multi-currency and digital wallets. In addition to supporting key payments functionality, Thredd’s client service focus and resulting industry-leading customer satisfaction performance, has also been a key success driver in 2023.”
With an emphasis on driving growth and sales across global markets, new payments executives joined Thredd to execute its vision “for seamless global payments experiences. Formerly GPS, Thredd was rebranded with a customer-centred positioning that leverages the experience of industry veterans, including Jim McCarthy, the company’s new CEO and Ava Kelly, its newly appointed CPO.”
Thredd’s rebrand also renewed the company’s focus “on securing the support of ecosystem partnerships such as Visa, Mastercard, BIN sponsors, consultants and programme managers.”
Jim McCarthy, Thredd CEO, said:
“Joining Thredd in early 2023, I immediately saw the potential of a company on the verge of its next major growth phase. Leveraging both new and existing talent within the business, we have put our vision into action with meaningful results for our clients, partners and team. We have a clear vision and track record of success that we plan to build on in 2024, including entering the US and expanding our network partnerships.”
Ava Kelly, Thredd’s Chief Product Officer, said:
“As we look toward 2024, there is no question that we will see increased demand for innovation, technological efficiencies and improved customer experience across the payments industry. Our goal at Thredd is to transform buzzwords, such as embedded finance, generative AI and others, into tangible deliverables for our clients. We are a company built on successful partnerships, and our roadmap will be delivered with that touchstone as our guide.”
Thredd says that it “has main offices in London, Singapore and Sydney, with teams in other key markets including, Hong Kong, India and the US.”