Bo Jiang, Lithic co-founder and CEO, discusses the process of card issuing and transaction processing for startups and fintechs. Topics include payment stack, fintech companies in customer service, challenges and rebuilding infrastructure, unique perspective, and evolving pricing model.
Lithic simplifies the complex and time-consuming process of card issuing and payment processing, enabling startups and fintechs to customize their payment solutions.
Lithic emphasizes the importance of tailored payment solutions that address the unique needs of specific customer segments within the fintech industry.
Deep dives
Focusing on Narrow Niche Opportunities
Lithic emphasizes the potential in building products that target specific niches within the fintech industry. By delving deep into these specific segments, companies can offer tailored payment solutions that address the unique needs of their customers.
Revolutionizing Card Issuing and Payment Processing
Lithic provides an API-based platform for card issuing and payment processing, allowing businesses to create and manage their own debit or credit card programs. This simplifies the previously complex and time-consuming process, enabling fintech startups, e-commerce sites, and gig economy platforms to customize their payment solutions.
Challenges in the Legacy Infrastructure
The podcast highlights the obstacles faced in the traditional systems for card issuing. The maze of banking regulations, partnerships with large financial institutions, and outdated systems present hurdles for businesses. Lithic aims to revolutionize this infrastructure by offering a more efficient and modern solution.
Key Factors for Success in Fintech Innovation
According to Lithic, successful fintech companies prioritize attention to detail, focusing on fine-grain control, and investing in bespoke solutions for specific customer segments. They also emphasize the importance of sweat equity and dedication to building a quality product. In addition, Lithic encourages companies to think beyond traditional banking models and work towards creating innovative workflows and contextual components that enhance the user experience.
Lithic, founded in 2014 as Privacy.com, provides an API platform for building card issuing and processing solutions. It simplifies the process of card issuing, authorization, and transaction processing for startups and fintechs of all sizes.
Lithic co-founder and CEO Bo Jiang joined Research Radio to talk about how payment and card processing works, where the company fits in the fintech stack, and what the future of payments looks like.