Lithic provides a self-serve API platform that lets developers at startups and enterprises quickly launch and manage debit and credit card programs. The platform is designed to optimize back-office operations and reduce administrative burden. Led by CEO and cofounder Bo Jiang, the company targets both startup and enterprise customers. In May 2021 Lithic launched its API developer platform following a Series B. The company plans to use new funding to grow the team, scale operations, and expand the platform through strategic acquisitions. Financially, the business has raised a total of $110 million to date after the latest round. Lithic began as Privacy.com in 2014 and built consumer-facing virtual and disposable card tools before launching a Card Issuing API in 2020 to serve developers and businesses. Its core product is a self-serve, developer-friendly card issuing platform that lets customers programmatically create virtual and physical cards and manage issuance via accessible APIs. The company reports it has issued over 10 million virtual card numbers and says enterprise issuing volumes tripled in the prior four months. Lithic monetizes via per-card fees for API customers (the consumer Privacy.com product remains free) and by capturing interchange revenue, with developers retaining a percentage of interchange. The business rebranded to Lithic to reflect its B2B focus while keeping Privacy.com as a separate, platform-powered consumer brand. Lithic plans to use the new capital to expand tools and technology for developers and to enhance the Privacy.com offering.

Total raised

$103M

Funding rounds

2

Latest round

Series C

Latest activity

Jul 2021