Lithic, the card-issuing technology company, is expanding its services to Canada, marking the company’s first entry into a non-US market.
The announcement will see Lithic enable businesses to grow using its card programmes while allowing them to move money more easily. Furthermore, the expansion will see the card issuing firm introduce new multicurrency processing capabilities, enabling firms to manage transactions in multiple currencies.
In turn, this will reduce the complexity, costs and risks associated with traditional currency conversion. The move positions Lithic as a potential partner for Canadian fintechs, growth startups, and US-based card programmes looking to extend their reach into Canada.
Card programmes in Canada will be able to benefit from Lithic’s expansion in a variety of ways. Firstly, they will be able to leverage the company’s infrastructure to launch their programmes quickly. In fact, time-to-market will be significantly reduced: from several quarters down to weeks. This will make cross-border opportunities more accessible to organisations as they look to expand internationally.
Additionally, cardholders will benefit from a more modern experience due to Lithic’s dynamic authorisation decisioning and digital wallet integrations. Furthermore, with the introduction of physical cards featuring offline PIN management, Lithic is addressing Canada’s specific payment standards, ensuring compliance and enhancing security.
Supporting growth abroad
“We’re thrilled to be open for business in Canada. Our multicurrency processing capabilities are not just an additional feature, but a game-changer for businesses operating in and expanding into Canada,” said Bo Jiang, co-founder and CEO of Lithic.
“As open banking regulations are set to change the financial landscape, so will expectations from Canadian banks, fintechs, businesses, and consumers which will all look for more modern banking and payments experiences. Lithic’s entrance into Canada and multicurrency processing abilities are well-timed to support businesses navigating the shifting expectations.”
As part of this expansion, Lithic will continue to enhance its platform to support the diverse needs of fintechs and financial institutions across North America and beyond. The company’s vision is to enable businesses of all sizes to innovate, scale and compete in a rapidly changing financial environment.
