NEW YORK--(BUSINESS WIRE)--Founded as Privacy.com in 2014, the newly rebranded card issuing platform, Lithic, announced today that it has raised $43 million in Series B funding. The round was led by Bessemer Venture Partners with participation from Index Ventures, Tusk Venture Partners, Rainfall Ventures, Teamworthy Ventures and Walkabout Ventures.
The Lithic 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. Since that time, the platform has seen staggering growth, with enterprise issuing volumes tripling in the last four months.
In recognition of this opportunity, the company is rebranding to Lithic and using the new capital to double down on development of the card issuing platform. Privacy.com, the consumer product, continues to be a leading virtual card service dedicated to making payments safer and easier online, and is now officially powered by the Lithic card issuing platform.
“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” said Bo Jiang, CEO and co-founder of Lithic.
“We have been big fans of the Privacy.com team and product since the beginning, but once we started to see such strong organic growth across the fintech landscape for their new card processing developer platform the past year we just had to find a way to partner with the team for this next phase of growth” said Charles Birnbaum, Partner at Bessemer Venture Partners. “The customer feedback on the Lithic platform has been resoundingly positive among the most serious fintech entrepreneurs who are currently looking for a more modern, developer friendly processing solution and we couldn’t be more excited to partner with the Lithic team as they enable the next wave of true innovation in the space.”
Whether developers need to create payment cards for their customers, optimize back-office operations, or simplify disbursements, Lithic makes card creation faster and easier. Key benefits of Lithic 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 will leverage its fresh capital 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. The company has raised a total of $61 million to date and has issued over 10 million cards.
About Lithic
Founded by Bo Jiang, Jason Kruse, and David Nichols as Privacy.com in 2014, Lithic makes it simple to create payment cards to enable and control spending. Designed for developers, Lithic’s accessible building blocks reduce time to market, unlock new revenue streams and scale with your evolving business. Lithic is headquartered in New York City.
About Bessemer Venture Partners
Bessemer Venture Partners is the world's most experienced early-stage venture capital firm. With a portfolio of more than 200 companies, Bessemer helps visionary entrepreneurs lay strong foundations to create companies that matter, and supports them through every stage of their growth. The firm has 130 IPOs, including Pinterest, Shopify, Twilio, Yelp, LinkedIn, Skype, LifeLock, PagerDuty, DocuSign, Wix, MindBody, and Fiverr. Bessemer's team of investors and partners are positioned all over the world in Silicon Valley, San Francisco, New York, Boston, Tel Aviv, Bangalore, and Beijing. Follow @BessemerVP and learn more at bvp.com.
