Cape taps Thredd as its payments issuer processor

Following this announcement, Thredd is set to act as Cape’s issuer processor to support the expense management platform and corporate card provider’s expansion across Asia-Pacific and beyond.

Cape is a fintech firm that provides a solution that addresses a pain point faced by businesses. More precisely, Cape helps businesses and corporations by digitalising their expense management processes. Consequently, the fintech reportedly enables companies to enhance their operational efficiency.

Many of the fintech’s clients are in rapid expansion. In 2022 alone, they are said to have raised over AUS 500 million. As expressed in the press release, given the pool of clients that it services, Cape requires a payment solution that can cater to their evolving needs, a solution that leverages new technology. Adopting Thredd’s issuer processing offering is expected to facilitate this.

One official from Thredd noted in the press release that the partnership seeks to offer solutions for small businesses that need tools to manage their finances. Moreover, the representative pointed out that this offering is particularly handy, as SMEs are predisposed to encountering difficulties when it comes to getting access to financing. 

Similarly, officials from Cape explained that the partnership with Thredd is part of the company’s strategy to bank on the tendency toward digitalisation in the Asia-Pacific region. Cape officials cited several features that influenced their decision to choose Threadd such as its modern platform with open APIs and its advanced analytics that provide businesses with transparency and control.

Thredd’s payment offering

Previously known as Global Processing Services (GPS), Thredd has recently rebranded, a move that was in line with the company’s strategy of intertwining different elements of the next-generation global payments ecosystem in a bid to propel the expansion of electronic payments.

The global payments platform reportedly processes billions of prepaid, credit and debit transactions each year and it extends its offerings to more than 100 banks, fintechs, and embedded finance providers across 44 countries. The platform is certified by Visa and Mastercard to process transactions globally.

Thredd’s offering sets out to speed up the development and delivery of payment features embedded within digital banks, as well as for B2B payments, expense management, cryptocurrency, lending, credit, Buy Now, Pay Later (BNPL), foreign exchange (FX), remittance, and Open Banking providers.