Thredd, a rapidly expanding global payments platform, has recently announced an exciting new partnership with Discover Global Network that will significantly enhance its network access. This collaboration was unveiled on the Money20/20 stage earlier this week, marking a major milestone for both companies.
The partnership between Thredd and Discover is a direct response to the demands of Thredd’s client base for more flexibility in creating new card programmes, especially those clients requiring cross-border card issuance. With Discover’s global network processing billions of transactions for over 305 million Discover cardholders, Thredd has found the perfect partner to enhance its offerings.
Through this strategic collaboration, Thredd’s clients will gain access to Discover’s extensive network, allowing them to unlock new revenue streams and explore growth opportunities in new geographies. Initial efforts will focus on virtual card issuance with Diners Club International, with plans to expand further into Europe and APAC in the near future.
Jonathan Vaux, Head of Propositions & Partnerships at Thredd, expressed confidence in the potential of this new partnership, stating that “Our recent integration into the Discover Global Network will allow us to develop additional revenue streams, access new markets for our clients, and support both our international expansion and that of our clients.”
Tribh Grewal, Head of Altpay, Fintech and Commercial Solutions at Discover, also shared his excitement about the collaboration, highlighting the potential to provide flexible, convenient, and secure transactions to more customers internationally.
In addition to the benefits brought by the partnership, Thredd’s move to join forces with Discover comes at a pivotal moment as Discover faces a takeover bid by Capital One, with a proposed acquisition offer of US$35.3 billion. The potential acquisition would bring together two of the largest credit card companies in the US, positioning the newly-formed entity in closer competition with credit-lending leaders JPMorgan and Citigroup, as well as posing a threat to payments giants Visa and Mastercard.
The announcement of this partnership and the impending acquisition bid reflect the dynamic landscape of the financial and payments industry, with companies striving to expand their networks, enhance their capabilities, and position themselves as leaders in the global market.
As we witness these significant developments, it is important to stay informed and engaged with the latest trends and advancements in the FinTech industry. The upcoming edition of FinTech Magazine promises to be an essential resource for industry professionals, delivering insightful content and thought-provoking perspectives on the latest innovations and partnerships shaping the future of finance. Additionally, don’t miss the opportunity to participate in the global conference series – FinTech LIVE 2024 – to connect with key industry leaders and gain valuable insights into the latest trends and strategies driving the FinTech revolution.
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