Lithic, a card issuing platform to enable the simple creation of cards, has closed its Series B round on $43m.
Bessemer Venture Partners served as the lead investor, with commitments also coming from Index Ventures, Tusk Venture Partners, Rainfall Ventures, Teamworthy Ventures and Walkabout Ventures.
The platform was launched nine months ago under Privacy.com, with the goal of making it simple for developers to programmatically create virtual and physical payment cards. It claims it has witnessed enterprise issuing volumes triple in the last four months.
Privacy.com company chose to rebrand the division as Lithic and will use funds to double down on the development of the card issuing platform. Funds will also be used to expand the tools and technologies it offers.
Lithic helps developers create payment cards for customers, optimise back-office operations and simplify disbursements.
Bessemer Venture Partners partner Charles Birnbaum said, “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.
“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.”
Privacy.com was founded in 2014 and offers virtual card services dedicated to making payments safer and easier online. It is now officially powered by the Lithic card issuing platform.
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