Thredd Powers Virtual Card Issuance for Paytron’s Employee Expense Toolby Fintech News Singapore December 12, 2023
Global payments platform Thredd has been selected by Paytron, an Australian workflow and spend management platform, to serve as the latter’s global issuer processing technology partner.
The collaboration will enable Paytron to provide virtual card issuance as part of its new employee expense management tool, facilitating rapid expense reimbursements through a digital platform.
Employees using Paytron’s platform can upload expenses, which are then approved and paid via virtual card within 24 hours, streamlining the reimbursement process.
Co-founded in 2020 by Jaco Veldsman and Francois Henrion, Paytron was recently acquired by OFX, a global foreign exchange and payments company.
The platform, built on AWS cloud, acts as a hub for businesses to manage financial workflows, including accounts payable, international transfers, and payroll. Paytron has processed transactions exceeding AUS $1 billion in less than three years.
Damien Gough, Head of Asia-Pacific at Thredd said,
“Paytron’s smart payments technology revolutionises the way accountants and finance teams of international businesses manoeuvre the complex web of payment information across multiple jurisdictions.
They are an incredibly exciting business, and we are thrilled they selected Thredd to power their international expansion. We look forward to collaborating with Jaco, Francois, and the team as they grow in Asia-Pacific, and enter new markets, including the UK, mainland Europe, and North America.”
Jaco Veldsman, CEO of Paytron added,
“We are an ambitious company and wanted an issuer processing partner who understands the needs of fast-moving scale-ups, who has a similar entrepreneurial culture and has the international reach we need to be able to accelerate the launch of our platform worldwide.
Thredd sits at the heart of the next-gen global ecosystem processing transactions across 44 countries and counting. This, alongside their powerful next-gen modern payments tech stack, recently enhanced with world-class fraud prevention technology, made them the perfect choice for us.”