Privacy.com Becomes Lithic with $43 million Series B
Growth across fintech is accelerating faster and faster; so much so that it’s often said that “everything is fintech.” But for all that growth and all that hype, most companies are focused only on the consumer application and there are a few companies working on the infrastructure that makes it all possible. Whenever a customer swipes a card, files an insurance claim, receives a payment, or opens a bank account there’s a fintech infrastructure company in the background making it possible.
Enter Lithic: the company powering the infrastructure that makes all of this possible.
Today the company unveiled two major developments. First, a $43 million Series B raise just 10 months after the $10 million Series A. They also announced Privacy.com is relaunching its card-issuing API and banking as a service platform under a new parent brand, Lithic.
The company first launched a consumer fintech product that let its users pay for things online with privacy-preserving virtual debit cards — hence the name Privacy.com. Yet when the company announced its Series A and new card issuing API ten months ago, the demand from developers and companies went through the roof, with enterprise issuing volumes tripling in the last four months. It became clear that securing debit cards online were core to the company, but there was unlocked potential in how developers built the infrastructure for payments.
Lithic represents a shift to focus on building out the fintech infrastructure, and Privacy.com debit cards will now fall under the Lithic platform. We’re incredibly proud of what the company has built, issuing over 10 million cards to date, but we’re even more excited to see where they are going with the Lithic API platform.
Lithic enables anyone from a single developer building a marketplace to an enterprise-level neobank to launch debit cards and bank accounts in minutes in a flexible environment. Customers can bring better products to market faster and drive new revenue through interchange (swipe fees) without minimum fees or set up costs.
We’ve known Lithic and CEO Bo Jiang for years and are proud to continue supporting the team and the vision. From the very first time we met the team, it was clear that they were building something special and doing it in a special way: starting with infrastructure; product-led growth; and no flash, frills, or ego.
This new Series B will give Lithic a ton of firepower to keep growing and running faster. Bessemer Venture Partners led the round and we participated alongside Index Ventures, Rainfall, and other investors. The Company is hiring for a ton of positions (27 open roles!) across engineering, revenue, and operations.
