Reaching $1 billion in monthly total processing volume (TPV) for the first time this past November 2024 is a milestone that marks more than just numbers—it tells the story of perseverance, adaptability, and lessons learned over the past decade. As co-founder and CEO of Lithic, I’ve had the privilege of navigating this journey alongside a dedicated team. As the new year begins, I’ve been reflecting on key insights and experiences that have shaped our company’s growth from a small startup to a trusted partner in the fintech ecosystem.
The Growth Story: A Decade of Building Momentum
Growth milestones aren’t achieved overnight—they represent years of steady growth fueled by a commitment to solving real problems for our customers. Over the last two years in particular, we’ve seen Lithic’s TPV double twice—from $250 million in July 2022 to $500 million in July 2023, and again to $1 billion by November 2024.
The $1 billion TPV milestone encompasses the combined efforts of our Lithic platform and Privacy.com, spanning card and ACH volume. It’s a testament to the power of our platform and the trust our customers place in us to power their payment solutions.
The Early Days: Solving Real Problems
When we launched Privacy.com in 2014, our vision was simple but ambitious: to provide a virtual card product that helped consumers shop safely online. We relied on a legacy card issuer processor for the infrastructure, and it quickly became clear how ill-equipped existing platforms were to meet modern needs. This realization drove us to build our own card issuing platform.
In those early years, we underestimated the complexity of the space. Building a card program wasn’t just about launching technology; it required relentless attention to customer needs, regulatory navigation, and combating issues like fraud. My team and I vividly remember late nights spent mitigating fraud attacks—the ingenuity of fraudsters was as impressive as it was challenging. These experiences taught us the importance of adaptability and the necessity of building systems that prioritize both security and scalability.
Embracing Change: From Consumer to Infrastructure
Our pivot in 2021, when we rebranded as Lithic, was less a sharp turn and more an organic evolution. We noticed growing demand from B2B customers for the API-driven processing tech we had developed for ourselves. This shift brought new challenges. Supporting businesses that depended on our platform for their operations required a different level of reliability and customer service.
Moving from a consumer-focused business to an enterprise-grade platform meant we couldn’t afford to “move fast and break things.” Instead, we focused on stability, reliability, and scalability. This shift fundamentally changed how we approached product development and organizational growth.
Lessons Learned: Partnerships Matter
One of the most critical lessons from our journey is the importance of partnerships. In fintech, success is often tied to the strength of your relationships—with card networks, sponsor banks, and technology providers. Early on, we didn’t fully appreciate this dynamic, and it cost us time and efficiency. Building strong, aligned partnerships has since become a cornerstone of our strategy, enabling us to scale more effectively and support a broader range of use cases.
Investing in Culture and Team
As the company grew, so did the complexity of decision-making. When you’re a 10-person startup, every team member is intimately involved in decisions. As we scaled, we focused on building a culture that values transparency, thoughtful decision-making, and empowerment. This included fostering a writing-centric culture to ensure clarity and visibility across the organization.
I’m proud of the team we’ve built – encompassed of individuals with deep expertise and a shared commitment to our mission. Our collective focus on customer success and operational excellence has been instrumental in achieving this $1 billion TPV milestone.
Looking Ahead
As we celebrate this achievement, we’re already setting our sights on the future. The fintech landscape continues to evolve, and we aim to deepen our vertical specialization in areas like credit product, disbursements, digital banking, and emerging industries. Our mission remains the same: to empower businesses to innovate and deliver exceptional experiences to their customers.
The journey to $1 billion in monthly TPV wasn’t linear or easy. It was filled with challenges that forced us to adapt, learn, and grow. For anyone building a business, my advice is simple: stay close to your customers, value your partnerships, and invest in your team. Milestones like this aren’t endpoints—they’re markers of what’s possible when you build with purpose and resilience.
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