About

Lithic provides a platform for businesses to create and manage their own credit, debit, or prepaid card products. Their system allows companies to issue both virtual and physical cards, manage digital wallets, handle disputes, and set dynamic spending controls. By integrating directly with card networks and using their own core system, Lithic minimizes the need for third-party services, making it easier for businesses to implement and scale their card programs. This approach gives clients more control over their banking relationships and financial operations. Lithic also offers secure solutions for customer data protection and flexible modules for verifying customer and business identities. The company aims to streamline card issuance and management for a wide range of clients, from startups to established businesses, while generating revenue through service fees based on card issuance and transaction volumes.

Simplify's Take

What believers are saying

• Lithic's Commercial Revolving Credit API enhances flexibility for business credit card programs.
• The launch of Lithic Authorization Rules improves authorization control for clients.
• Lithic's inclusion in the 2024 Fintech Innovation 50 highlights its industry impact.

What critics are saying

• Fintech industry faces sustainability challenges due to changing macroeconomic conditions.
• Increased competition from other fintech companies could impact Lithic's market share.
• Reliance on card network partners for risk scoring may pose integration challenges.

What makes Lithic unique

• Lithic offers direct card network integrations, reducing reliance on third-party providers.
• The company provides a PCI-compliant iFrame solution to protect customer information.
• Lithic's flexible KYC/KYB modules integrate seamlessly with existing setups.

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