Lithic named to Embedded Fintech 50
The company recognized for its innovative business class card issuing platform
NEW YORK , 1 February 2023 /PRNewswire/ — Lithicthe leading card issuing platform for developers, was named to the Embedded Fintech 50, a list launched by GGV Capital in partnership with Crunchbase, to recognize the most promising fintech companies in the eyes of startup investors.
GGV Capital convened 57 securities firms to nominate and vote for the 50 honorees. After raising more than 12 billion dollars collectively, the Embedded Fintech 50 demonstrates the enthusiasm of venture capital investors in the growth and innovation of this sector. To celebrate, the honorees will ring the closing bell on the Nasdaq MarketSite today.
Lithic builds card issuance infrastructure for developers and handles billions of dollars in transaction volume. Leading companies use Lithics APIs to move money, build card programs and issue debit, credit and prepaid cards to consumers and businesses. In 2022, the company increased its processing volume by 5 times and launched card programs for a number of top fintech companies.
“When it comes to card issuance, corporate businesses have relatively few options that can handle the scale and complexity needed to support their card programs,” said Bo Jiang, CEO of Lithic. “Most of these legacy vendors have reached their prime and offer outdated systems that are difficult and expensive to integrate. Our customers have a completely different experience because our platform is flexible, scalable and built for today’s developers. And we couple that with a close partnership before, during and after implementation so customers always have the tools and support from our team to build innovative card products.”
“Embedded fintech is a bright spot in today’s market and it’s exciting to see how companies are democratizing access to financial services through technology,” said Hans Tung, managing partner of GGV Capital. “We are excited for the continued evolution of the embedded fintech landscape and further creative innovations to come. Congratulations on the Embedded Fintech 50 honors!”
About Lithic
Lithic builds card issuing infrastructure for developers. Software companies use our APIs to move money, build card programs, and issue debit, credit, and prepaid cards to consumers and businesses. We are backed by investors in Stripes, Bessemer Venture Partners, Index Ventures, Tusk Venture Partners, AHCV and Teamworthy Ventures. For more information, visit www.lithic.com.
About Embedded Fintech 50
The Embedded Fintech 50 includes the most promising embedded fintech startups nominated and voted on by investment firms. GGV Capital launched the list in partnership with Crunchbase and convened 57 investment firms to develop the first list. This year, 175 companies were nominated, and 50 were selected through a voting process that required the nomination of portfolio and non-portfolio companies. Nomination criteria included companies with a primary product focus on fintech, the US as a primary market and the Series A stage. Embedded fintech is defined as financial service platforms or financial service providers that are integrated into commercial or financial service platforms. For more information on participating investors and listing methodology, visit: https://www.embeddedfintech50.com.
About GGV Capital
GGV Capital is a global venture capital firm that partners with entrepreneurs to build category-leading companies worldwide. Focused on multi-stage, sector-focused investments, GGV manages 9.2 billion dollars in investments across the United States, China, Southeast Asia, Israel, Latin Americaand India. Founded in 2000 with roots in Singapore and Silicon Valley, GGV has backed more than 500 companies, including Affirm, Airbnb, Alibaba, BigCommerce, Boss Zhipin, Bowery Farming, Grab, Full Truck Alliance, HashiCorp, Hello, Keep, Kujiale, NIU, Opendoor Technologies, Peloton, Poshmark, Slack, Square, StockX, Udaan, Wish, XPeng, Zendesk and more. More information can be found at www.ggvc.com and @ggvcapital.
Contact:
Clarissa HorowitzLithic
Email: [email protected]
Christine HintonGGV Capital
Email: [email protected]
Mobile: +1 415.939.0139
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SOURCE Lithic
