Vault Payments Taps Thredd For UK And Australia Card Program Expansion

Vault Payment Solutions has chosen Thredd as its issuer processing partner as the Melbourne-based fintech expands its card program footprint in Australia and the United Kingdom.

The deal will see Thredd provide the underlying infrastructure for a range of prepaid, debit and private-label card offerings on Mastercard’s global network, as Vault ramps up its embedded finance and reward card propositions.

Vault Chooses Thredd Over Global Competition

Vault selected Thredd following a competitive global review process. The company cited Thredd’s ability to support complex, multi-region launches, its collaborative relationship with Mastercard and strong local expertise in Australia and the UK as key factors in the decision.

“Connecting directly to Mastercard and selecting an issuer processing partner was a pivotal decision for us,” said Vault Founder and Chief Executive, Michael Jess.

“Thredd stood out not only for its robust technology and full suite of capabilities, but also for its people, regional expertise, and collaborative approach,” he said.

Jess added that the partnership would allow Vault to “enable the next wave of innovative, embedded finance experiences” through both virtual and physical card programs.

Thredd To Power Card Issuance Infrastructure

Thredd will provide full-stack issuing and processing infrastructure across Vault’s upcoming programs. This includes transaction controls, digital wallet integrations, tokenisation, fraud monitoring and 3D Secure (3DS) authentication tools.

The deal follows Vault’s recent appointment as a Mastercard Principal Issuing Partner and supports its push into full end-to-end program management for clients requiring closed-loop systems, gift cards, rewards and embedded payment rails.

Damien Gough, Head of Asia Pacific at Thredd, welcomed the agreement, describing Vault as a “forward-thinking partner” aligned with the processor’s approach to card innovation.

“Their leadership in program management and embedded payments, combined with their growing global footprint, aligns perfectly with Thredd’s mission to enable the most innovative card propositions in the market,” Gough said.

“We’re proud they selected us following a competitive process, and we look forward to supporting their expansion across Australia, the UK and beyond.”

Strategic Move In Crowded Market

The partnership comes as both Vault and Thredd respond to growing demand for branded payment experiences and embedded finance solutions, particularly in the rewards, loyalty and controlled-spend segments.

While cloud-native issuer processors have proliferated in recent years, Vault’s selection of Thredd reflects a broader industry trend favouring platforms capable of delivering reliability at scale.

Thredd, which operates across 47 countries, said the partnership reinforced its position as a preferred issuer processor for fast-scaling fintechs and digital banks.

The firm processes billions of transactions annually and pitches itself as an “AI-first” platform with a unified API for debit, credit, digital wallet and ledger capabilities.

Local Footprint, Global Reach

Vault, headquartered in Melbourne, focuses on simplifying embedded card payments for platforms, retailers and corporates. Its solutions span reloadable prepaid cards, secure payment rails and branded gift card programs designed for controlled spend environments.

Thredd, meanwhile, continues to invest in its Asia Pacific operations, with a local presence supporting projects in Australia and Southeast Asia.

Both firms indicated the partnership would position them to deliver secure and scalable card infrastructure as demand for white-labelled and embedded finance tools continues to rise.

Last Updated on February 4, 2026 by Nick Ross