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, 31 July 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.”
“My prediction is that the remainder of 2024 through 2025 will prove even more immensely impactful as payments technology continues to evolve removing friction from the user experience while improving security,” said Ava Kelly, Chief Product Officer at Thredd. “We’re having conversations with our clients every week about their expansion plans, whether that’s entering new geographies, like the U.S. or supporting new verticals and we’re pleased to be able to power this growth.”
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Notes for Editors
About Zilch
Zilch’s vision is to eliminate the cost of consumer credit. For good.
Zilch is a multi-award-winning pioneer of the world’s first direct-to-consumer, ad-subsidised payments network (ASPN). Leveraging its unique, vertically integrated, first-party-data business model, Zilch sets itself apart from the incumbent fintech industry with a profitable global revenue source, bringing unrivalled value to customers and marketers alike. Today Zilch is revolutionising the $50 trillion advertising and payments industries by merging the very best of debit, credit and savings.
Zilch provides millions of customers the freedom to go anywhere in the world (online or offline) and, when they pay, earn up to 5% cashback & rewards on debit payments (‘Pay Now’) or spread interest- free credit repayments over six weeks or three months. In the process, Zilch helps customers build their credit profiles with the major credit agencies. Within 44 months of launch in 2020, Zilch amassed more than 4 million registered customers.
In 2023, Zilch launched its proprietary ASPN service, which allows retailers worldwide instant connection with millions of Zilch’s first-party data, closed loop network of high-intent customers, while offering customers personalised savings, deals and discounts codified to their habitual daily spend.
In January 2023, Zilch struck a ground-breaking reporting agreement with the UK’s prime credit reference agencies, transforming the UK lending ecosystem by enabling all adults to build their credit records using interest-free credit rather than high-cost revolving credit products.
Since April 2020, Zilch has been regulated by the Financial Conduct Authority (FCA), obtaining a consumer credit licence through the Regulatory Sandbox Programme.
Driven by innovation and a commitment to excellence, Zilch is setting new benchmarks in the industry to create a more inclusive and efficient ecosystem, empowering millions of users to budget and manage their financial lives more effectively and transparently.
For more information, visit: www.zilch.com
Contacts
Zilch – Ryan Mendy, Chief Communications Officer: [email protected]
For any Press & Media enquiries, please contact: [email protected]
About Thredd
Thredd is the trusted next-gen payments processing partner for innovators looking to modernise their payments offerings worldwide. We process billions of debit, prepaid and credit transactions annually, serving over 100 fintechs, digital banks, and embedded finance providers, from consumer to corporate, across 44 countries.
Thredd’s unique offering is its client-centric approach, combining hands-on support with modern, reliable, and scalable technology. Thredd’s assured solution accelerates the development and delivery of consumer and corporate payments components embedded within digital banks, as well as for expense management, B2B payments, crypto, lending, credit, Buy Now Pay Later (“BNPL”), FX, remittance, and open banking innovators. By partnering with our clients from concept to creation with our easily configurable solutions, we allow these leaders the agility to achieve their core business aspirations.
Thredd has enabled market leaders since 2007 and has a highly reliable platform with 99.99% availability.Thredd’s highly customisable solutions on our API-first platform, surrounded by our in-depth industry expertise, value-added services, global presence, and technical resilience, are designed to scale with ease.Thredd is certified by Visa and Mastercard to process transactions globally and has branded offices in London, Newcastle, Singapore, and Sydney, with remote colleagues based all over the world.
Contacts
Thredd – Betsy Samuel | Chief Marketing Officer | [email protected]