The growth and renewed partnership between Thredd and Zilch highlight the strength and future potential of the fintech industry.
Date – 01-Aug-2024
BNPL Transactions Surge and Corporate Spending Grows Through June, Signaling Strong Fintech Momentum
Thredd and Zilch’s Renewed Partnership Highlights Fintech Strength and Future Potential
Thredd, the fast-growing global payments platform, reports significant industry-wide growth in fintech-driven digital payments and the successful renewal of its partnership with Zilch, the pioneering ad-subsidized payments network (ASPN). This continued expansion, along with recent advancements in product offerings and market reach, reinforces Thredd’s leadership in modern payments processing.
“2024 is building upon the solid foundation we established in 2023. Our diverse client base is driving robust transaction growth through market expansion and innovative financial services,” said Jim McCarthy, CEO of Thredd. “The growth we’re experiencing underscores the demand for new payment solutions across both B2C and rapidly evolving B2B sectors.”
In early 2024, Thredd observed an unusual increase in debit and prepaid transactions across various industries. This trend has continued, with notable growth in BNPL transactions (+56% YTD), corporate spend management (+74%), and B2C retail (+28%).
Success Story: A Growing Partnership with Zilch
The BNPL sector shows no signs of slowing. Since January 2022, transaction volumes for Thredd’s BNPL clients have surged by 175%, highlighting the increasing popularity of installment payment options at the point of sale. A key partner in this growth is Zilch, a leading BNPL provider known for its innovative approach. Thredd recently renewed its partnership with Zilch, retaining the business in a competitive evaluation against major U.S. and European rivals. Zilch stands out by combining $1 trillion in global advertising with personal credit, offering unique repayment options, cashback, and rewards.
The renewed collaboration enhances Zilch’s payment network connectivity and transaction management capabilities, allowing them to drive significant commerce to retail partners and deliver substantial savings and rewards to their expanding customer base. Thredd and Zilch work together on product and service innovations to enhance the experience for over 4 million Zilch customers.
“We are proud to have supported Zilch’s remarkable growth since their inception,” said Jim McCarthy. “We value the trust Zilch has placed in Thredd to handle over 10 million monthly payments and look forward to helping them achieve further growth milestones. Zilch has grown from zero to over 4 million users, with industry-leading engagement and over $3 billion in sales, all facilitated through Thredd.”
Philip Belamant, CEO and Co-Founder of Zilch, added: “Thredd has been instrumental in allowing us to deliver exceptional service to our customers. With Jim leading their talented team, we are confident that Zilch will continue to benefit from a reliable and secure payments partner as we enter our next phase of rapid growth and product innovation.”
Rakesh Harji, COO of Zilch, further stated: “Thredd’s partnership has been crucial from our start, providing the core infrastructure to handle over 10 million monthly transactions and maintain a seamless user experience. We look forward to continued innovation and scaling as we expand our services for our active and trusting customer base.”
