Lithic, formerly Privacy.com, a U.S.-based card issuing platform, announced on Thursday it raised $43 million through its Series B funding round, which was led by Bessemer Venture Partners with participation from Index Ventures, Tusk Venture Partners, Rainfall Ventures, Teamworthy Ventures, and Walkabout Ventures. The company has raised a total of $61 million to date and has issued more than ten million cards.
Founded in 2014, Lithic stated it makes it simple to create payment cards to enable and control spending.
“Lithic’s accessible building blocks reduce time to market, unlock new revenue streams and scale with your evolving business.”
Lithic further revealed that its card-issuing platform was released nine months ago under the Privacy.com brand, with the mission to make it simple for developers to programmatically create virtual and physical payment cards. Speaking about the platform’s development, Bo Jiang, CEO and Co-Founder of Lithic, stated:
“We built all these foundational card processing tools for ourselves to power Privacy.com. Then we found that other companies, especially developers, needed the same types of tools. The more we thought about it, the more it made sense to give these tools their own name—Lithic. Its own business, with its own separate customers and its own mission.”
Lithic’s notably benefits include:
- Reduced time to market: With Lithic’s self-serve platform developers can issue a card instantly
- Accessible building blocks: Focused functionality to build upon means developers can avoid unnecessary feature bloat and administrative burden
- Unlock new revenue: Developers earn back a percentage of interchange revenue generated by the merchant
Lithic went on to add it will use the Series B funds to expand the tools and technologies it offers to developers to issue and manage virtual cards, including enhancements for Privacy.com to continue serving its security-conscious customers.