Lithic
Also a provider — view Lithic’s profile →“Can a modern developer-first issuer-processor replace the 30-year-old mainframe incumbents and become the default rails for programmable card issuing and money movement?”
Founded2014
HQNew York, NY
FoundersBo Jiang, Jason Kruse, David Nichols
Total raisedunknown
Latest roundSeries C, 2021
Valuation$800M (2021)
IndustryInfrastructure / Card issuing
The story
Founded in 2014 as Privacy.com, a consumer virtual-card app that let users generate disposable card numbers for online purchases. After hitting limits with legacy issuer-processors, the team rebuilt the underlying infrastructure and in 2021 rebranded to Lithic to sell that infrastructure as a B2B issuer-processor and program manager. Today Lithic powers 100+ card programs across credit, disbursements, digital banking, and (more recently) agentic commerce and stablecoin rails.
Product timeline
2014
Founded as Privacy.com offering consumer virtual single-use cards· banking
2020
Raised $10.2M Series A after issuing 5M virtual card numbers· banking
2021
Rebranded from Privacy.com to Lithic and raised $43M Series C, pivoting to B2B card issuer-processor infrastructure· pivot
2026
Partnership with Mastercard to enable instant SMB loan spend via issued cards; launched MCP server for AI agent integration· banking
The stack
11 layers disclosed in Lithic’s embedded-finance stack
Payments / PSP
Money movement
in the full report
Banking / BaaS
in the full report
Card issuing
in the full report
Card network
in the full report
Ledger
in the full report
Lending
in the full report
Open banking
in the full report
KYC
in the full report
Sponsor bank
in the full report
Crypto
in the full report
Accounting gap: significant
14 more providers across 10 layers, with confidence-scored evidence and source URLs, are in the Embedded Finance Index report.