Privacy.com has a new name and new funding this week. The card issuing platform has rebranded to Lithic and raised $43 million in Series B funding. This brings the company’s total funding to $61 million. The investment was led by Bessemer Venture Partners and saw participation from Index Ventures, Tusk Venture Partners, Rainfall Ventures, Teamworthy Ventures, and Walkabout Ventures.
The company initially launched as Privacy.com, a consumer-facing platform that offers tools to help shoppers generate virtual “burner cards,” which are single-use, disposable card numbers that shoppers could use to shield their actual card number. Going forward, Lithic will maintain this consumer-facing product under the Privacy.com brand.
Last fall, Lithic unveiled its card issuing API for developers. In the past four months, the company has seen impressive growth, with enterprise issuing volumes ballooning by 3x. Lithic will use today’s funding to fuel that growth even further.
The developer-facing tools help them create payment cards for their customers, optimize back-office operations, and simplify disbursements. These capabilities help developers issue a card instantly, reduce administrative burden, and earn a percentage of the interchange revenue.
“We built all these foundational card processing tools for ourselves to power Privacy.com,” said Lithic CEO and Co-founder Bo Jiang. “Then we found that other companies, especially developers, needed the same types of tools. The more we thought about it, the more it made sense to give these tools their own name—Lithic. Its own business, with its own separate customers and its own mission.”
Founded in 2014 by Bo Jiang, Jason Kruse, and David Nicholsand, Lithic is headquartered in New York City.
Photo by Anete Lusina from Pexels
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Source: https://finovate.com/privacy-com-rebrands-to-lithic-closes-43-million-in-series-b-round/
