Global Processing Services Rebrands as Thredd, Aims to Expand
Global Processing Services (GPS) has rebranded as Thredd.
The new name reflects the global payments platform’s role in “weaving together” different elements of the payments ecosystem, Thredd said in a Thursday (April 27) press release.
“Our rebranding to Thredd marks a new era for our company as we begin the next phase of our growth,” Thredd CEO Kevin Schultz said in the release. “We’ve spent the last six months building our management team with industry veterans to expand our platform capabilities and deepen our commitment to serving the needs of the most innovative FinTechs and banks in the world.”
Thredd intends to strengthen its existing platform while also expanding its services to support virtual cards, tokens, digital wallets, embedded finance solutions and other “future-focused consumer and corporate products,” the company said in supplementary media information released Thursday.
The company is expanding to new geographies and customer segments, according to the press release.
It already processes billions of transactions annually across 44 countries; powers more than 100 customers, including FinTechs, digital banks and embedded finance providers; and serves an array of verticals, including digital banking, buy now, pay later (BNPL), travel and banking-as-a-service (BaaS).
“Our new brand reflects our renewed focus on enabling our clients to create a more interconnected, accessible and seamless payments ecosystem,” Schultz said in the release. “With our experienced team and owners, we’re confident in our vision to bring our partnership approach to modern payments processing to innovators worldwide.”
Among the industry veterans who joined the management team of Thredd — which was GPS at the time — are former Visa executive Jim McCarthy, who was appointed to the newly created role of executive vice president, global head of sales and product, and Kevin Fox, who was named chief revenue officer.
In the supplementary media information released Thursday, McCarthy said: “The winners of the future will be those who provide a broad set of best-in-class payments capabilities that are reliable, configurable and scalable. Thredd’s next-gen technology makes it easy for any innovator seeking a payment processing solution to launch and scale quickly, freeing them up to focus on building products for their customers.”