Lithic Named to Embedded Fintech 50

Rhea-AI Summary

Lithic has been recognized in the Embedded Fintech 50 list by GGV Capital in collaboration with Crunchbase, highlighting its innovative card issuing platform. This recognition celebrates Lithic's role in the fintech sector, with over $12 billion raised by participating firms. In 2022, Lithic reported a 5x increase in processing volume and launched multiple card programs for key fintech companies. The company emphasizes its unique offerings in a competitive market dominated by outdated legacy systems, aiming to provide a flexible and scalable infrastructure for developers.

Positive

• Lithic recognized in the Embedded Fintech 50 list by GGV Capital.
• Achieved a 5x increase in processing volume in 2022.
• Launched card programs for several top fintech companies.

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• None.

Company recognized for its innovative enterprise-grade card issuing platform

NEW YORK , Feb. 1, 2023 /PRNewswire/ -- Lithic, the 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 investment firms to nominate and vote on the 50 honorees. Having raised more than $12 billion collectively, the Embedded Fintech 50 demonstrates the enthusiasm of venture capital investors in the growth and innovation of this sector. In celebration, honorees will ring the Closing Bell at the Nasdaq MarketSite today.

Lithic builds card issuing infrastructure for developers and handles billions of dollars in transaction volume. Leading companies use Lithic's 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 5x and launched card programs for a number of top fintech companies.

"When it comes to card issuing, enterprise companies 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 "Most of these legacy providers are past their prime and offer outdated systems that are difficult and costly to integrate.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 that 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 is exciting to see how companies are democratizing access to financial services through technology," said Hans Tung, managing partner at GGV Capital. "We are excited for the continued development of the embedded fintech landscape and further creative innovations to come. Congratulations to the Embedded Fintech 50 honorees!"

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're backed by investors at Stripes, Bessemer Venture Partners, Index Ventures, Tusk Venture Partners, AHCV, and Teamworthy Ventures. For more information, visit www.lithic.com.

About Embedded Fintech 50

Embedded Fintech 50 includes the most promising embedded fintech startups as nominated and voted on by investment firms. GGV Capital launched the list in partnership with Crunchbase and convened 57 investment firms to develop the inaugural 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, U.S. as a primary market, and Series A stage. Embedded fintech is defined as financial service platforms or financial service providers that integrate into commercial or financial service platforms. For more information about participating investors and list methodology, visit:  https://www.embeddedfintech50.com.

About GGV Capital

GGV Capital is a global venture capital firm partnering with founders to build category-leading companies around the world. Focused on multi-stage, sector-focused investments, GGV manages $9.2 billion in investments across the U.S., China, Southeast Asia, Israel, Latin America, and 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 Horowitz, Lithic 
Email: clarissa@lithic.com

Christine Hinton, GGV Capital 
Email: chinton@ggvc.com 
Mobile: +1 415.939.0139

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SOURCE Lithic

FAQ

What is the significance of Lithic being named to the Embedded Fintech 50?

Lithic's recognition highlights its innovative solutions in the fintech space, especially in card issuing, which may attract investor interest.

How much transaction volume did Lithic handle?

Lithic handles billions of dollars in transaction volume as part of its card issuing infrastructure.

What growth did Lithic experience in 2022?

In 2022, Lithic experienced a 5x increase in processing volume.

Who launched the Embedded Fintech 50 list?

The Embedded Fintech 50 list was launched by GGV Capital in partnership with Crunchbase.

How many investment firms participated in the Embedded Fintech 50 recognition?

A total of 57 investment firms participated in nominating and voting for the honorees.