“Can THG monetise its vertically integrated ecommerce infrastructure (THG Ingenuity) as a merchant-of-record and technology platform for third-party brands, while sustaining its own consumer brand portfolio?”
THG began as a pure-play UK online retailer in health, beauty and wellness. Over time it built out a proprietary ecommerce technology stack — THG Ingenuity — and began white-labelling it to third-party brands as a B2B SaaS and merchant-of-record platform. The embedded finance angle centres on THG Fulfil offering cross-border checkout and MoR services, with Checkout.com powering the underlying payment rails globally across the 200+ owned and client storefronts. The company went public in 2020 and has since faced investor pressure to separate the technology business from the brand portfolio.
THG processes payments through Checkout.com.
THG uses Citi for FX and cross-border payouts.
The Embedded Finance Index 2026 maps 4 layers in THG's stack: Payments / PSP (Checkout.com); Lending (£510m Term Loan B (2019), £150m Revolving Credit Facility (2019) and $1bn+ Banking Facility (2018-2019)); FX & payouts (Citi); Spend / AP (Citi).
THG was founded by Matthew Moulding and John Gallemore and is founded in 2004, headquartered in Manchester, United Kingdom.
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