Lithic, an infrastructure platform for enterprises and FinTechs to issue and maintain payment cards, has raised USD 60 million in a Series C funding round led by Stripes. Bessemer Venture Partners, Index Ventures, Exor, Rainfall, Tusk Venture Partners, and Commerce Ventures also participated in the funding round. 

The round comes on the heels of the company raising USD 43 million in Series B funding (and rebranding as Lithic) in May 2020 and brings the total funds raised to around USD 110 million. 

The funds will be invested in recruitment to meet the demand for its developer platform and may also be used in strategic acquisitions to enhance Lithic’s core offering.    

Lithic noted that the annual processing volume handled by the platform surpassed USD 1 billion this year and that its API developer platform grew 4x over the past eight months. 

Lithic (formerly known as Privacy.com) was founded as a B2C platform for customers to generate virtual and temporary debit cards for online use to protect their identity and payment details from fraud. The company launched its “Lithic” API to issue and maintain the debit and credit cards. The Lithic platform mainly targets early-stage startup enterprises and FinTechs, charging a fee per card issued and interchange fees based on the volume of transactions handled by the API.