Thinkific Labs Inc., a leading platform for creating, marketing, and selling online learning products, today announced a significant milestone relating to its Thinkific Payments platform. Thinkific Payments is a payment processor that includes everything a Creator needs to transact and administer their banking and business information with features that go further to maximize sale conversions.
Approximately 80% of new Creators to Thinkific in the United States, the United Kingdom and Canada start with Thinkific Payments and this percentage is expected to increase as Thinkific rolls out additional features and local payment methods in more countries. Globally, that number is approximately 60%.
Since its release in November 2021, Thinkific Payments has seen strong and consistently growing adoption, with more than 26% of all transactions made across the entire platform now running through the Company’s payment processor.
It recently reached the major milestone of surpassing $100M in payments volume processed-to-date, with over $29 million in Gross Product Value (GPV) processed in the last quarter alone (Q1, 2023) making the platform one of the fastest-growing embedded payment products on the internet.
Working with market-leading strategic partners, Thinkific has been able to fast-track the development of products and features that automate accounting, subscriptions, and payments administration, helping its Creators to increase sales and scale their online businesses.
“The rate of growth we’ve seen with Thinkific Payments has exceeded even our expectations, and this is quickly growing into a significant, profitable, revenue stream,” said Greg Smith, CEO of Thinkific. “We focused the platform’s development on improving the payments experience for our Creators and helping them run more efficient, successful and profitable businesses. The level of adoption we’re seeing is a great indicator that this is working and we’re confident that new, landmark products being deployed in the coming months will take our Creator experience, and the success of Thinkific Payments, to the next level.”