Total amount raised
$800 Millions
Latest funding date
7/1/2021
Location
Lithic has successfully raised significant funding through multiple rounds, with its latest being a Series C. The company offers a robust platform for virtual and physical card issuance, catering to both businesses and consumers.
Keep reading to delve into the details of Lithic's funding journey and the investors who are backing this innovative fintech platform.
What Is Lithic?
Lithic, founded in 2014, is a financial technology startup based in New York, New York. The company was established by Boling Jiang, David Nichols, and Jason Kruse.
Specializing in virtual and physical card issuance, Lithic provides a platform that enables businesses and consumers to create and manage payment cards. Their services prioritize privacy and safety, ensuring secure financial transactions.
With a team of 101-250 employees, Lithic continues to innovate in the fintech space, offering solutions that cater to developers and businesses alike.
How Much Funding Has Lithic Raised?
- Seed Round
- Amount Raised: $2.2M
- Date: December 2016
- Lead Investors: Index Ventures
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To kickstart the development of their virtual card platform.
- Series A
- Amount Raised: $10.2M
- Date: July 2020
- Lead Investors: Teamworthy Ventures
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To support the growth of Privacy.com, which had issued 5 million virtual card numbers at the time.
- Series B
- Amount Raised: $43M
- Date: May 2021
- Lead Investors: Bessemer Venture Partners
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To expand tools and technology for developers and enhance the Privacy.com offering.
- Series C
- Amount Raised: $60M
- Date: July 2021
- Lead Investors: Stripes
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To further develop their card issuance platform and scale their operations.
Total Amount Raised: $115.4M. Current Valuation: Not publicly disclosed.
Key Investors
- Stripes
- Details: Stripes is a growth equity firm that invests in software and consumer businesses. They focus on partnering with market-leading companies to help them scale and achieve their full potential.
- Investment Focus Areas: Software, Consumer, FinTech
- Notable Investments: Monday.com, Reformation, Snyk
- Bessemer Venture Partners
- Details: Bessemer Venture Partners is a venture capital firm that invests in early to growth-stage companies. They have a long history of backing innovative companies across various sectors and providing them with the necessary support to grow.
- Investment Focus Areas: Cloud Computing, Cybersecurity, Healthcare, FinTech, Enterprise Software
- Notable Investments: LinkedIn, Shopify, Twilio
- Teamworthy Ventures
- Details: Teamworthy Ventures is a venture capital firm that invests in early-stage technology companies. They focus on partnering with exceptional entrepreneurs to build market-leading companies.
- Investment Focus Areas: Technology, FinTech, Consumer
- Notable Investments: Carta, SeatGeek, Harry's
- Index Ventures
- Details: Index Ventures is a global venture capital firm that invests in technology-enabled companies. They have a strong track record of backing successful startups and helping them scale internationally.
- Investment Focus Areas: Technology, FinTech, Consumer Internet, Enterprise Software, Healthcare
- Notable Investments: Dropbox, Slack, Robinhood
What's Next for Lithic?
As Lithic continues to innovate, the company is poised to capitalize on the growing demand for secure online payment solutions. The expansion of its Card Issuing API to corporate customers and targeting early-stage startups with a developer-friendly platform present significant growth opportunities. The fintech sector's increasing integration of AI and cloud services further amplifies Lithic's potential to modernize payment infrastructures.
Future fundraising opportunities are likely, given the company's strong investor interest and substantial financial backing. Lithic's recent $43 million Series B funding round underscores the confidence investors have in its growth trajectory. However, challenges such as navigating regulatory compliance and competing with established players like Marqeta and Galileo remain. Ensuring robust cybersecurity measures will be crucial as Lithic scales its operations.
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