Privacy.com, a virtual card payment start-up that was founded in 2014 and rebranded as Lithic today, announced it has raised $43 million in Series B funding led by Bessemer Venture Partners with participation from Index Ventures, Tusk Ventures Partners, Rainfall Ventures, Teamworthy Ventures, and Walkabout Ventures.
Lithic’s product will continue to be Privacy.com, a way to keep your online activities privateThe company was established in 2014 by three individuals: Bo Jiang, Jason Kruse, and David Nichols. They had a big impact on the company’s development and growth.
Lithic was founded as Privacy.com in 2014 and is now known as Lithic.Nine months ago, the Lithic card issuing platform was released under Privacy.com with the mission to make it easy for developers to create physical and virtual payment cards. Since then, there’s been an immense growth in enterprise volume – tripling during the last four months.
The company’s recognition of this opportunity led to their rebranding and relaunch. Privacy.com, the company’s consumer product dedicated to making payments safer and easier online, is now powered by the Lithic card issuing platform.
“Lithic builds foundational payments tools for Privacy.com, and we’ve found that other companies need these types of payment tools too,” said Bo Jiang, the CEO and co-founder of Lithic. “We try to put our customers first and think about how they would use these tools. Then we build everything accordingly.”
“Since we’ve known the Privacy.com team, they have been on the cutting-edge of digital privacy,” said Charles Birnbaum, a Partner at Bessemer Venture Partners. “Their cutting-edge technologies and solutions attracted our attention and we couldn’t be more excited to partner with them.”
Lithic helps developers streamline their payment card creation process by making it faster and easier to create cards. Key benefits of Lithic include:
Easier implementation
Lithic makes it easy for developers to issue a card. They can create one and distribute it instantly, saving them valuable time.
Simple data model: Greater usability and less bloat means developers can focus their energy on building great software instead of spending their time setting up.
Help your developer grow: You’ll earn back a percentage of interchange revenue distributed by your merchant.
Lithic will use the fresh capital it raised to develop new tools and technologies for developers, including enhancements to its Privacy.com platform that caters to security-conscious customers. The company has already raised $61 million from investors and issued over 10 million cards.
About Privacy.com
In 2014, Privacy.com was founded by Bo Jiang, Jason Kruse, and David Nichols to make it simple for people to create their own payment cards. With Lithic, developers can easily create products that are easy for end users to use and invest in. Located in New York City, Lithic is committed to providing an approachable and intuitive platform for business owners.
Lithic is now extending its technology into the business world. However, Privacy.com will still be the company’s consumer-facing product (now powered by Lithic).
As consumers grow more concerned about the security of their personal data and finances online, companies are turning to cybersecurity in an effort to protect data.
Lithic mentions that the company has a self-service platform that simplifies issuing cards to developers instantly.
Additionally, there’s its focused functionality, which helps avoid unnecessary feature bloat and administrative burden. Developers also have the opportunity to earn a percentage of interchange revenue generated directly through transactions.
Lithic has raised $61 million to date and issued over ten million cards.
Investor-Bessemer Venture Partners
The world’s most experienced early-stage venture capital company, Bessemer Venture Partners has worked with over 200 entrepreneurs and helped them lay a strong foundation for their companies. The firm’s investments include Twilio, LinkedIn, DocuSign, Fiverr, eBay, Pinterest, and Shopify. To find out more about the company’s vast portfolio of companies and investment history visit bvp.com.
Conclusion
Privacy.com, a virtual card payment start-up that was founded in 2014 and rebranded as Lithic has raised $43 million in Series B funding led by Bessemer Venture Partners with participation from Index Ventures, Tusk Ventures Partners, Rainfall Ventures, Teamworthy Ventures, and Walkabout Ventures.
Lithic has come a long way since its humble beginnings in 2014, and it shows no signs of slowing down anytime soon. With its innovative product, Privacy.com, the company is poised to make a big impact in the world of online privacy and security. We’re excited to see what the future holds for Lithic, and we’ll be keeping an eye on their progress closely.
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