Payments processor Thredd has signed a US processing agreement with Spendbase, a Google-backed software subscription management platform.
Spendbase hopes its partnership with Thredd will power its upcoming US expansion by issuing and processing virtual cards for subscription payments.
Following the agreement, Spendbase’s US customers will use corporate virtual cards for SaaS subscription payments, adding a new product to the company’s portfolio. Spendbase hopes that the cards will give customers more control and transparency over their expenses.
This deal aligns with a current trend of businesses that manage a large supplier base, such as Spendbase, looking to virtual card technology to enable secure and traceable payments.
Andrew Alex, CEO of Spendbase, remarked: “We have selected Thredd as our issuer processor for the US 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 US launch later this year.”
The usage of virtual cards is increasing as of late. Last month, Thredd was selected by TerraPay to power virtual card payments for its international suppliers, aiming to provide enhanced features to B2B travel intermediaries globally.
This partnership also marks Thredd’s second US client and follows the company’s plans to expand into new markets, which it announced after the appointment of Matt Swann as Non-Executive Director in June.
Kevin Fox, Chief Revenue Officer at Thredd, commented: “We are delighted to be working with Spendbase to streamline their supplier payments. This is our first net-new client to choose Thredd because we can connect them to the US. Unlike other EU providers, we were able to offer Spendbase US-compliant debit card processing in time for their anticipated Q3 launch date.”
