This week, Privacy.com changed its name to Lithic and announced that the company had secured a sizeable investment. Lithic is the new name given to the card issuing platform after it was successful in raising 43 million dollars in Series B funding. The company has now amassed a total of $61 million through various fundraising efforts. Among the investors were Bessemer Venture Partners, Index Ventures, Tusk Venture Partners, Rainfall Ventures, Team-worthy Ventures, and Walkabout Ventures.
Before it rebranded itself as a company, Privacy.com was a consumer-facing platform that allowed customers to generate virtual “burner cards,” also known as temporary card numbers that they could use to safeguard their basic card information. Under the Privacy.com umbrella, Privacy.com rebrands to Lithic will keep providing direct assistance to customers for this product as time progresses.
In October 2017, Lithic debuted its application programming interface (API) for card-issuing. Over the course of the past four months, the company has experienced growth, with enterprise issuing volumes tripling. The money that was secured today is going to be put toward hastening Lithic’s expansion. Lithic is now enhancing back-office procedures and expediting developer disbursements, in addition to building consumer raises totalling $43M for virtual payment cards for virtual payment cards.
Regarding the Lithic.
In 2014, Bo Jiang, Jason Kruse, and David Nichols established Lithic under the name Privacy.com with the intention of simplifying the process of creating and using approximately $43M for virtual payment cards for virtual payment cards. Lithic was initially known as Privacy.com. The modular components of Lithic, designed with the needs of programmers in mind, help accelerate product launches, open up new revenue options, and develop with your organisation. In case you were curious, Lithic’s headquarters can be found in a city that never sleeps.
Lithic advantages:
- Faster time to market thanks to rapid card issuance on the Lithic self-serve platform.
- Easily accessible building blocks: Developers can avoid feature bloat and administrative burden by starting from a narrow base of functionality.
- Gain access to previously unavailable funds: developers recoup a portion of interchange funds accrued by merchants.
Lithic intends to use its newly acquired cash in the expansion of its technology for issuing and managing virtual cards for developers, as well as in the modernization of Privacy.com, so that it may continue to meet the requirements of privacy-conscious customers. The company has raised 61.1 million dollars and distributed more than 10 million different cards.
New business ideas
- Now, Lithic is taking its cutting-edge technology and applying it to new types of enterprises. To be clear, Privacy.com will continue to serve as the company’s primary interface with end users (now powered by Lithic).
- Products aimed at the general public will have an emphasis on protecting user privacy and encrypting financial data.
- The rapid issuing of cards offered by Lithic is one of the numerous benefits the company’s developers value most highly. This benefit is made possible by the self-service aspect of the platform.
- The streamlined functionality it provides means less time is spent on maintenance, and fewer features are added. Moreover, developers can get paid back from the merchant’s share of the interchange fee.
- A total of $61 million has been invested in Lithic, and the company has issued over 10 million cards.
Conclusion
The goal was to provide customers with an alternative to giving their actual credit card information to businesses so that they may maintain their sense of privacy while exercising their choice to decline further service. In this day and age of frequent data breaches and credit card skimmers targeting unsuspecting websites, the rebranding of Privacy.com to Lithic has made it more difficult for hackers to access actual credit card credentials.
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