Draft:Thredd
Card Issuer Platform Provider
From Wikipedia, the free encyclopedia
| Formerly | Global Processing Services (GPS) |
|---|---|
| Company type | Private |
| Industry | Financial technology, Payment processing |
| Founded | 2007 |
| Founders | Craig Dewar, Tony Kerr |
| Headquarters | London, United Kingdom |
Key people | Jim McCarthy (CEO) |
| Products | Issuer processing, card issuance, transaction authorisation |
Number of employees | ~293 (2024) |
| Website | thredd |
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Thredd (formerly Global Processing Services or GPS) is a United Kingdom-based issuer processor and payments infrastructure company. Founded in 2007, the company provides card issuance, real-time transaction authorisation, and programme management services to fintechs, digital banks, and embedded finance businesses globally.[1] Headquartered in London, the company has offices in Austin, Singapore, and Sydney,[2] and is certified by both Visa and Mastercard.[3]
Thredd's platform supports debit, credit, prepaid, and virtual card issuance and processing for over 130 clients across 47 countries.[4]
History
Founding and early growth
Global Processing Services was founded in 2007 by Craig Dewar and Tony Kerr as a prepaid card processor.[5] Under CEO Joanne Dewar, the company grew to serve digital banks and fintechs across Europe, becoming the card processor for several prominent UK challenger banks including Revolut, Starling Bank, and Curve.[1]
In 2018, a platform outage affected services at several of these clients, including Monzo,[6] Revolut, and Starling Bank.[7] Monzo subsequently announced plans to bring its card processing in-house.[8]
Funding
In June 2018, GPS received its first external investment, a £44 million round led by private equity firm Dunedin, reported as one of the United Kingdom's largest B2B fintech financings that year.[9]
In 2020, Visa made a strategic investment in the company.[10][11]
In October 2021, Advent International and Viking Global Investors took a controlling stake through a $300 million investment.[1][12] In January 2022, the round was extended to $400 million with participation from Temasek Holdings and MissionOG.[13] Both Visa and Mastercard are among the company's institutional investors.[14]
Rebrand
In April 2023, Global Processing Services rebranded as Thredd, stating the name reflected its expansion beyond prepaid processing into debit, credit, and embedded finance.[15][16][17]
Leadership
In October 2023, Jim McCarthy was appointed CEO, succeeding Kevin Schultz. McCarthy had previously spent 18 years at Visa, where he was involved in the launch of Apple Pay, and served as president of issuer processor i2c.[18]
In March 2026, Marilyn McDonald was appointed CTO, having previously held roles at Citigroup, Mastercard, and Expedia Group.[2]
Products and services
Thredd operates as an issuer processor, providing technology infrastructure between card-issuing financial institutions and card networks such as Visa and Mastercard. The company provides card issuance and processing for debit, prepaid, credit, and virtual card programmes through an API-based platform.[1] The platform is deployed across three AWS regions (Americas, EU/UK, and Asia-Pacific) and holds PCI DSS certification and SOC 1 and SOC 2 Type II accreditations.[2]
In October 2025, Thredd expanded into credit card issuing through a partnership with LoanPro, announced at Money20/20. The integration enables clients to offer credit origination and servicing alongside existing debit and prepaid programmes.[19][20]
In October 2025, Thredd launched "One View" in collaboration with Featurespace (a Visa solution), a fraud monitoring product combining card and non-card payment monitoring under a single interface.[21]
Partnerships
Card schemes
In August 2025, Thredd became the first issuer processor to offer real-time control over B2B travel payments through the Mastercard Wholesale Program.[22][23]
In November 2025, Thredd signed an agreement with Visa to implement Visa Cloud Connect globally across three endpoints.[24][25]
Clients
Thredd's clients include fintechs, digital banks, and embedded finance providers across multiple verticals. Notable partnerships include Bybit, the world's second-largest cryptocurrency exchange, for which Thredd processes multi-currency crypto-linked debit cards with digital wallet tokenisation for Apple Pay, Google Pay, and Samsung Pay;[26] Reap, a Hong Kong-based fintech offering stablecoin-enabled corporate cards;[27] OFX, for corporate card programmes across Australia, Canada, Europe, and the United States;[28] and BigPay, whose portfolio of over 2.5 million cards was migrated from a legacy processor to Thredd's platform.[29]
Geographic presence
Thredd is headquartered in London, with offices in Austin (opened July 2025),[4] Singapore, and Sydney.[2] The company's cloud-native processing platform became fully operational in the United States in early 2026.[2] Thredd serves clients across Europe, North America, Latin America, and Asia-Pacific, with programmes in markets including Australia, Canada, Hong Kong, Israel, Malaysia, Mexico, the Philippines, and the United Kingdom.[27][28]
Industry
See also
- Payment processor
- Card issuing
- Embedded finance
- Digital wallet
- Tokenisation