Lithic has successfully raised $116.6 million over five funding rounds, achieving a valuation of $800 million. The platform focuses on making digital payments safer and easier by providing financial infrastructure for developers and seamless products for consumers.
Keep reading to explore the intricacies of Lithic's fundraising journey and the investors backing this innovative platform.
What Is Lithic?
Lithic, founded in 2014, is headquartered in New York City. The company was established by David Nichols, Boling Jiang, and Jason Kruse.
Specializing in digital payments, Lithic offers financial infrastructure for developers and seamless products for consumers. Their solutions include virtual and physical card issuance, fraud protection, and PCI compliance.
With a team of 51-200 employees, Lithic continues to grow, driven by significant investments and a mission to make digital payments safer and easier for everyone.
How Much Funding Has Lithic Raised?
- Seed Round (August 2015)
- Amount Raised: $1,200,000
- Date: August 2015
- Motivation Behind the Round: Early-stage product development and market validation.
- Seed Round (December 2016)
- Amount Raised: $2,200,000
- Date: December 2016
- Lead Investors: Index Ventures
- Motivation Behind the Round: Product development, market research, and initial team building.
- Series A
- Amount Raised: $10,200,000
- Date: July 2020
- Lead Investors: Teamworthy Ventures
- Motivation Behind the Round: Launch a new Card Issuing API and accelerate product development.
- Series B
- Amount Raised: $43,000,000
- Date: May 2021
- Lead Investors: Bessemer Venture Partners
- Motivation Behind the Round: Expand the card issuing platform and enhance the Privacy.com offering.
- Series C
- Amount Raised: $60,000,000
- Date: July 2021
- Lead Investors: Stripes
- Valuation at Round: $800M
- Motivation Behind the Round: Make issuing cards faster and easier.
Total Amount Raised: $116.6M
Current Valuation: $800M
Key Investors
- Stripes
- Details: Stripes is a growth-equity firm that led Lithic's $60 million funding round. They focus on partnering with market-leading companies to accelerate their growth.
- Investment Focus Areas: Technology, consumer, healthcare.
- Notable Investments: Monday.com, Snyk, Reformation.
- Bessemer Venture Partners
- Details: Bessemer Venture Partners is a venture capital firm that invests in early-stage and growth-stage companies. They have a long history of backing successful startups.
- Investment Focus Areas: Technology, healthcare, financial services, consumer.
- Notable Investments: LinkedIn, Shopify, Pinterest.
- Index Ventures
- Details: Index Ventures is a global venture capital firm that invests in technology-enabled companies. They have a strong presence in both Europe and the United States.
- Investment Focus Areas: Technology, software, consumer internet.
- Notable Investments: Dropbox, Slack, Robinhood.
- Exor
- Details: Exor is an investment company with a diverse portfolio, including significant stakes in various industries. They participated in Lithic's funding rounds.
- Investment Focus Areas: Technology, media, healthcare.
- Notable Investments: Ferrari, The Economist, PartnerRe.
- Tusk Venture Partners
- Details: Tusk Venture Partners is a venture capital firm that focuses on early-stage investments in technology companies. They are known for their expertise in regulated industries.
- Investment Focus Areas: Technology, consumer, regulatory-driven sectors.
- Notable Investments: Lemonade, Bird, Coinbase.
What's Next for Lithic?
As Lithic continues to innovate in the financial technology sector, the opportunities ahead are vast. The company aims to streamline card issuance, tapping into a growing market for digital payment solutions. With a valuation of $800 million and significant investor confidence, Lithic is well-positioned to expand its Card Issuing API and attract more corporate customers.
Future fundraising rounds seem likely as Lithic scales its operations and enhances its technology platform. However, the company will need to navigate challenges such as competition from larger fintech players and regulatory hurdles. Continuous innovation will be key to maintaining its edge in a rapidly evolving industry.
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