L

Lithic

www.lithic.com link_icon

Company Research Report: Lithic, Inc.



Company Overview



  • Name: Lithic, Inc.

  • Mission of the Company: Making digital payments safer and easier for everyone.

  • Founded: Founded in 2014 as Privacy.com, rebranded to Lithic in 2021.

  • Founders: The company began its journey with the launch of Privacy.com in 2014. Specific founder details are not included.

  • Headquarters: No information is available.

  • Key People:

  • Specific key personnel are not mentioned, but notable quotes include Catherine Unertl, Head of Financial Partnerships at Mercury.

  • Number of Employees: No information is available.

  • Revenue of the Company: No information is available.

  • Company Notable For: Lithic was born from technical needs encountered during the launch of a virtual card in 2014. It shifted its practical experiences into a comprehensive issuing and processing platform with direct integrations to Visa and Mastercard, boasting direct network integrations and full-stack freedom.


Products



Overview


Lithic offers various products centered on card issuance and payment solutions, providing both virtual and physical card issuance capabilities. Its platform is adaptable to multiple use cases including fleet cards, digital banking, expense management, and more.

Core Products:



1. Virtual Card Issuance
  • Key Features: Provision instantly for streamlined and secure payment processes. Suitable for various business models.


2. Physical Card Issuance
  • Key Features: Immediate fund disbursement to prepaid cards through an API, suited for promotions and disbursements.


3. Tokenized & Digital Wallet Cards
  • Key Features: Integration with Apple, Google, and Samsung wallets for seamless, tokenized transaction processes.


4. ACH & Money Movement
  • Key Features: Full-featured account management that spans same-day transfers through APIs.


5. Expense Management Solutions
  • Key Features: Granular spend control, automated reconciliation, and compliance facilitation through customizable policies.


6. Risk Management Tools
  • Key Features: 3D-Secure authentication, tokenization control, transaction monitoring, PCI Compliance, and chargeback management.


7. Developer Tools
  • Key Features: A full-featured sandbox, API-first architecture, SDKs, with extensive documentation and webhooks.


Recent Developments



  • Recent Developments in the Company:

  • Expansion into Canada offering multicurrency processing capabilities (September 18, 2024).

  • Updates on next-generation authorization rules announced (September 24, 2024).

  • New token management controls introduced in July 2024.


  • New Products Launched:

  • Lithic Send: A suite of products for card disbursement programs (September 2022).


  • New Features Added to Existing Products:

  • Released enhancements in L2 and L3 data support for better commercial transaction processing (August 2, 2024).


  • Partnerships:

  • Notable partnerships within the fintech sector, though specifics are not detailed in the provided data.


  • Industry Recognition:

  • Recognitions include being named to the Embedded Fintech 50 (February 1, 2023) and winning the Best Card Issuing Platform at the Tearsheet Embedded Awards 2022.


Conclusion



Lithic stands out as a dynamically evolving company, transforming card issuance and digital payment landscapes through sophisticated APIs, rapid deployment capabilities, and robust risk management tools. It offers substantial adaptability across its product suite for fintech services and maintains high service reliability and compliance standards. However, a lack of specific revenue figures and employee data leaves some gaps in the overall economic and organizational impact assessment.