Thredd Closes Momentous Year with Record Growth

  • Payments
  • 20.12.2023 09:55 am

Thredd, the leading next-gen 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. 

“Thredd’s 2023 performance confirms our belief that this organization could take modern issuing processing well beyond its original remit,” said Gene Lockhart, Thredd's board chairman. “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, have also been a key success driver in 2023. 

With an emphasis on driving growth and sales across global markets, new payment executives joined Thredd to execute its vision for seamless global payment experiences. Formerly GPS, Thredd was rebranded with a customer-centered 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 recent rebrand also renewed the company’s focus on securing the support of ecosystem partnerships such as Visa, Mastercard, BIN sponsors, consultants, and program managers.

“Joining Thredd in early 2023, I immediately saw the potential of a company on the verge of its next major growth phase,” said Jim McCarthy, Thredd CEO. “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.”

“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,” said Ava Kelly, Thredd's Chief Product Officer. “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 has main offices in London, Singapore, and Sydney, with teams in other key markets including, Hong Kong, India, and the US.

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