Lithic Expands Card Issuing Platform to Include American Express Network

Lithic has expanded its card issuing platform to enable FinTechs operating in the United States to issue cards on the American Express network.

This addition unlocks a new network option for FinTechs looking to launch debit, credit and prepaid cards, Lithic said in a Wednesday (May 14) press release.

“By empowering FinTechs to issue cards on the American Express network, our customers now have a differentiated product choice that can deliver exceptional value to their users,” Lithic CEO Bo Jiang said in the release.

Lithic’s application programming interface (API) gives companies an easy way to integrate the creation and configuration of virtual cards into their business processes, Jiang told PYMNTS in an interview posted in 2022.

Companies use these cards for things like insurance claims disbursements, working with online travel agencies to fulfill flight and travel purchases, issuing incentive payments and enabling employees to use the cards for disbursements, Jiang said at the time.

“Many of the companies we work with today are ones that you don’t actually think of as card and payment companies,” Jiang said in the 2022 interview.

Lithic added this capability by joining American Express’ Agile Partnership Network, which helps companies launch payment products and capabilities on the Amex network, Will Stredwick, senior vice president and general manager of global network services for North America at American Express, said in the release.

“Working with Lithic is aligned to our continued strategy of delivering seamless, scalable and innovative payment solutions to more customers, in more ways,” Stredwick said.

Marqeta Interim CEO Mike Milotich said in February that Marqeta, a card issuing platform, leveraged the Agile Partnership platform to make the American Express network “a new option for credit and debit card programs” in joint efforts that would begin later this year.

“Offering American Express will further widen the choices on our platform to differentiate and provide even more options to FinTech and embedded finance partners and prospects,” Milotich said at the time. “We have signed an agreement … leveraging the American Express Agile Partnership platform, which enables FinTechs and other partners to launch cards on the American Express network.”