Lithic Announces Commercial Revolving Credit API, Bringing Enhanced Flexibility to Business Credit Card Programs
New API infrastructure enables fintechs and financial institutions to build customizable commercial credit card programs, such as Novo’s Business Credit Card
NEW YORK–(BUSINESS WIRE)–Lithic, a leading financial technology platform known for powering growth businesses with bespoke card solutions and seamless money movement, today announced the launch of its Commercial Revolving Credit API, expanding its suite of credit solutions for businesses. The new offering enables card programs to quickly launch and scale commercial credit card programs with unmatched flexibility and control.
Lithic’s Commercial Revolving Credit API enables companies to build and manage sophisticated revolving credit card products for various commercial use cases, including SMB banking, expense management, bill pay and disbursements. This latest addition complements Lithic’s existing Commercial Charge capabilities, providing a complete solution for organizations with commercial credit card needs.
Novo, a leading banking platform tailored for entrepreneurs and small business owners, is a longtime Lithic partner and leveraged Lithic’s new API infrastructure to launch its Novo Business Credit Card, issued by Continental Bank. Designed specifically for self-employed professionals and entrepreneurs such as consultants, accountants, IT professionals and health practitioners, the card combines cash flow flexibility with robust fraud protection and integrated financial management tools.
“Our solopreneur segment has unique financial needs that traditional business credit cards often overlook,” said Jackson Barnes, Vice President of Credit at Novo. “By building on Lithic’s Commercial Revolving Credit API, we’ve been able to create a credit solution that truly serves our community’s needs, offering not just attractive cashback rewards and partner perks, but the kind of financial flexibility that growing businesses require.”
“We are thrilled to deepen our partnership with Novo,” said Bo Jiang, co-founder and CEO at Lithic. “Our new Commercial Revolving Credit API represents an extension in our commercial credit infrastructure. We’re empowering businesses with the tools they need to build credit products that precisely match their requirements, whether they’re looking for a fully managed solution or prefer to maintain control over specific program elements.”
Key features of Lithic’s Commercial Revolving Credit API include:
- Flexible APR and billing period configuration, supporting different interest rates for purchases, fees, cash advances and balance transfers.
- Comprehensive tools to post fees, void transactions, and resolve disputes.
- Advanced interest calculation capabilities, including average daily balance method and support for custom interest accrual approaches.
What sets Lithic’s solution apart is its modular approach to program management. Unlike competitors that require adherence to rigid frameworks, Lithic offers programs the freedom to choose between a fully managed solution or a processor relationship where they maintain control over most program elements.
The API streamlines key processes including:
- Automated credit limit management and underwriting integration
- Configurable billing cycles and statement generation
- Flexible payment options with customizable grace periods
- Real-time ledger management and transaction tracking
The Commercial Revolving Credit API is available now for financial institutions and fintechs looking to launch or enhance their commercial credit card offerings. Learn more here.
About Lithic
Lithic is a leading card issuing technology company built for high growth technology companies. Lithic’s APIs enable businesses to move money, build card programs, and issue debit, credit, and prepaid cards to consumers and businesses with unparalleled ease and flexibility. With a focus on empowering businesses to scale globally, Lithic is committed to providing innovative solutions that meet the evolving needs of the financial services industry. For more information, visit www.lithic.com.
About Novo
Founded in 2016, Novo is a banking platform dedicated to serving entrepreneurs and small businesses. With a strong commitment to community and a focus on innovation and user experience, Novo provides customers with simple, powerful financial tools that streamline operations and help businesses thrive.
Disclosure
Novo is a fintech company; not a bank. Deposit account services provided by Middlesex Federal Savings, F.A., Member FDIC. Physical and virtual debit cards issued by Patriot Bank, N.A., Member FDIC, and the Novo Business Credit Card™ is issued by Continental Bank; pursuant to licenses from Mastercard® International Incorporated. Mastercard can be used everywhere Mastercard is accepted. Mastercard is a registered trademark of Mastercard International Incorporated.
Merchant Cash Advance products and services are offered by Novo Funding LLC (“Novo Funding”), a wholly owned subsidiary of Novo. Merchant Cash Advances require a Novo checking account.
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