Lithic vs Highnote: Features, Coverage and Pricing Compared (2026)
Updated November 10, 2026 · Reviewed by Benjamin Margolis
Lithic and Highnote both give a US company the APIs to launch its own debit, prepaid, or credit cards without building a processor. Lithic grew out of Privacy, a consumer virtual card service, and is known for tight control over each authorization. Highnote, founded in 2020, adds card acceptance and a shared ledger, so one vendor can both issue cards and take card payments.
Our analysts compared the two on November 10, 2026, using each company's own product, pricing, and company pages and our full reviews of Lithic and Highnote.
Choose Lithic if
- you want the most mature developer tooling, with a sandbox, SDKs, and a public changelog
- your program centers on virtual cards or business spend cards that need control over each authorization
- you prefer usage-based pricing that grows with your program
Choose Highnote if
- you want to issue cards and accept card payments on one platform and one ledger
- you plan to add branded credit, fleet, or bill pay cards over time
- you want a posted card acceptance rate of 2.85% plus 25 cents
Lithic scores 79 and Highnote scores 77 in our ratings. Lithic is the stronger pick for a pure issuing program, and Highnote is the better fit for a platform that also needs to take card payments.
Key Features Compared
Lithic vs Highnote at a Glance, November 2026
| Feature |  Lithic |  Highnote |
|---|---|---|
| Ratings | ||
| Fintech Index score | 79 / 100Higher score | 77 / 100 |
| Overview | ||
| What it is | US card issuing processor with APIs for virtual and physical card programs | US card issuing and embedded payments platform with issuing, acquiring, credit, and a ledger on one API |
| Who uses it | Fintechs, business spend platforms, and software companies, with more than 100 clients including Mercury, Coinstar, and Order.co | Vertical software companies, B2B platforms, fintechs, and large brands |
| Main products | Debit, prepaid, and credit card issuing and processing, accounts, and a payment hub with flexible ledgering | Debit, prepaid, credit, charge, and virtual card issuing; card acceptance since January 2025; a real-time ledger and money movement |
| Where it operates | United States | United States |
| Products and features | ||
| Card acceptance (acquiring) | Issuing only | 2.85% plus 25 centsIssues and accepts |
| Ledger | Flexible ledgering in its payment hub | Real-time ledger shared by issuing and acceptance |
| Pricing | ||
| How pricing works | Usage-based, scaling with cards and volume; full rates come with a quote | Issuing by custom quote; card acceptance at a posted 2.85% plus 25 cents |
| Published prices | Quote only | Card acceptance rate posted; issuing by quoteAcceptance rate posted |
| Technology and compliance | ||
| Licenses and regulation | Works through partner banks; SOC 1 Type 1, SOC 2 Type 2, PCI DSS, and ISO 27001 certified | Issuer processor and program manager working with partner banks; PCI-compliant stack and card data vault |
| Developer tools | Sandbox, API documentation, SDKs, and a public changelogMore mature tooling | GraphQL API, SDKs, webhooks, an API explorer, and a dashboard that can simulate any flow |
| Integrations and partners | Partner banks and card networks; sponsor bank is confirmed per program | Plaid for bank linking; ACH, wires, RTP, FedNow, push to card, and stablecoins |
| Onboarding and support | Launches scoped with Lithic's team; uptime target of 99.99% or more | Program management and a servicing dashboard for card operations |
| Company | ||
| Founded | 2014, as Privacy | 2020 |
| Headquarters | New York, New York | San Francisco, California |
| Ownership | Private | Private |
| Funding | ~$115M, including a $60M Series C in 2021 led by Stripes | ~$170M, including a Series B led by Adams Street Partners in January 2025 at a valuation above $750M |
| Key leader | Bo Jiang | John MacIlwaine |
| Scale | More than 100 card program clients | On the Forbes Fintech 50 two years running |
Fintech Index Scores Compared
We rate every company on eight criteria from 0 to 100, four tied to what buyers in its sector need and four shared by every company, and the rating is their average. Lithic scores 79 and Highnote scores 77.
Criterion Scores Out of 100
Key Differences Between Lithic and Highnote
Issuing Only or Issuing and Acceptance
Lithic focuses on issuing. It runs the cards, the authorizations, and the accounts behind them, and a client that also wants to take card payments needs another provider for that side.
Highnote started processing card acceptance in January 2025, so a software platform can issue cards to its customers and accept their card payments on the same ledger. That matters most for vertical software companies that run payments for small businesses.
Developer Experience
Both are built for engineering teams. Lithic offers a sandbox, SDKs, documentation, and a public changelog, and it scores 86 for developer tooling in our ratings, the highest of any card issuer we review. Highnote scores 84 with a GraphQL API, webhooks, an API explorer, and a dashboard that can simulate any card flow before launch.
Pricing
Neither posts issuing prices. Lithic charges by usage, so costs scale with the cards and volume a program runs, and full rates come with a quote. Highnote quotes issuing case by case but posts its card acceptance price of 2.85% plus 25 cents per transaction.
Company and Funding
Lithic started in 2014 as Privacy and has raised ~$115M, including a $60M Series C led by Stripes in 2021. Highnote was founded in 2020 and has raised ~$170M, with a Series B in January 2025 that valued it above $750M. Lithic's clients include Mercury, Coinstar, and Order.co.
Pros and Cons
Lithic
Pros
- Developer tooling is among the strongest in card issuing, with a sandbox, SDKs, and a public changelog
- Fine control over each card authorization suits spend and virtual card programs
- Usage-based pricing that scales with the program
- SOC 1, SOC 2, PCI DSS, and ISO 27001 certifications
Cons
- Focused on the United States, so multi-country programs need another processor
- No posted prices; full rates come with a quote
- Sponsor bank options depend on the program type
Highnote
Pros
- Issues and accepts cards on one platform and one ledger
- Posted card acceptance rate of 2.85% plus 25 cents
- GraphQL API with flow simulation before launch
- Broad money movement, including RTP, FedNow, and stablecoins
Cons
- Issuing is US-focused today
- No fixed self-serve price for issuing
- Younger company than older processors, founded in 2020
Who Each Is Best For
Lithic
A US fintech or software company that wants to launch its own virtual or physical card program through APIs, launch quickly, and pay by usage.
Highnote
A US software platform, fintech, or enterprise brand that wants card issuing, credit, and card acceptance from one vendor on one ledger.
Alternatives to Lithic and Highnote
These companies, all reviewed and rated on The Fintech Index, cover some of the same ground as Lithic and Highnote.
Other Card Issuing and Processing Companies
| Company | Score | Best for | Comparisons |
|---|---|---|---|
| Marqeta | 74 | Scaled card programs that want fine control over each payment | Marqeta vs Highnote Marqeta vs Lithic |
| Thredd | 74 | Card programs in the UK, Europe, and Asia-Pacific | None yet |
| SoFi Technology Solutions | 76 | Programs that want a proven US processor and a banking core | None yet |
| i2c | 75 | Banks that want credit and debit processing on one platform | None yet |
Frequently Asked Questions
Is Lithic or Highnote better for a startup card program?
Lithic suits a startup that wants to launch issuing quickly, with a sandbox, SDKs, and usage-based pricing. Highnote suits a startup that also expects to accept card payments, since it runs issuing and acceptance on one ledger.
Does Lithic or Highnote publish its prices?
Neither publishes issuing prices. Lithic prices by usage and sends full rates with a quote. Highnote posts a card acceptance rate of 2.85% plus 25 cents and quotes issuing separately.
Can Lithic or Highnote issue cards outside the United States?
Both focus on the United States today. A program that needs cards in many countries from one processor should look at Marqeta, Thredd, or Paymentology.
Who founded Lithic and Highnote?
Bo Jiang co-founded Lithic in 2014 as Privacy. John MacIlwaine co-founded Highnote in 2020 after leading technology at Braintree and LendingClub.
Sources
- The Fintech Index analysis of Lithic and Highnote, conducted November 2026 (As of November 10, 2026)
- Lithic, company site: https://www.lithic.com/ (As of November 10, 2026)
- Lithic, about page: https://www.lithic.com/about (As of November 10, 2026)
- Sacra, Lithic company profile: https://sacra.com/c/lithic/ (As of November 10, 2026)
- Highnote, about page: https://highnote.com/about (As of November 10, 2026)
- Highnote, pricing page: https://highnote.com/pricing (As of November 10, 2026)
- Highnote, Series B announcement: https://highnote.com/blog/highnotes-dollar90m-series-b-and-expansion-into-us-merchant-acquiring-our-next-phase-of-innovation (As of November 10, 2026)
- Forbes, Highnote valuation report, January 21, 2025: https://www.forbes.com/sites/stephenpastis/2025/01/21/fintech-payments-startup-highnote-hits-750-million-plus-valuation/ (As of November 10, 2026)