Software subscription management platform Spendbase has selected global payments processor Thredd as its U.S. payments processor.
Spendbase is expanding into the U.S. and chose Thredd to issue and process virtual cards for its subscription payments, the companies said in a Thursday (July 25) press release.
“We have selected Thredd as our issuer processor for the U.S. market because they demonstrated both a deep understanding of our ambitions as well as modern processing capabilities, and we are confident in their ability to meet our plans for a successful U.S. launch later this year,” Andrew Alex, CEO of Spendbase, said in the release.
With this collaboration, Spendbase’s U.S. customers will be able to use corporate virtual cards for their software-as-a-service (SaaS) subscriptions payments, according to the release.
This option will provide companies with more control and transparency over their expenses, as virtual card payments are secure, fast and traceable, the release said.
Spendbase is Thredd’s second U.S. client, per the release.
“This is our first net-new client to choose Thredd because we can connect them to the U.S.,” Kevin Fox, chief revenue officer at Thredd, said in the release. “Unlike other EU providers, we were able to offer Spendbase U.S.-compliant debit card processing in time for their anticipated Q3 launch date.”
Thredd aims to facilitate the international expansion of its clients, and the company is focusing its efforts on Latin America, Asia and now the U.S., Thredd CEO Jim McCarthy told PYMNTS in an interview posted in May.
The company views these regions as ripe for innovation and growth, using its platform to support clients’ global ambitions.
“Latin America is a great market that’s growing like crazy,” McCarthy said. “We want to be there. We’re doing really well in Asia, and we’re just landing in the U.S. and looking to expand.”
The global value of virtual card transactions is expected to grow from about $2 trillion to hit $6.8 trillion by 2026, according to the “B2B Digital Payments Tracker®,” a PYMNTS Intelligence and American Express collaboration.
The report found that this growth indicates users’ recognition of virtual cards’ simplicity and security compared to traditional payment methods like paper checks.
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