Marqeta vs Lithic: Features, Coverage and Pricing Compared (2026)
Updated November 10, 2026 · Reviewed by Benjamin Margolis
Marqeta and Lithic both give companies APIs to run their own card programs. Marqeta is the public market leader that processed $382.5B in 2025 for clients such as Block's Cash App, Ramp, and DoorDash. Lithic, which grew out of the consumer card service Privacy, focuses on US programs that want to launch fast and pay by usage.
Our analysts compared the two on November 10, 2026, using each company's own product, pricing, and company pages and our full reviews of Marqeta and Lithic.
Choose Marqeta if
- your program already has large volume
- you need coverage beyond the US
- you want just-in-time funding
Choose Lithic if
- you want to launch a US program quickly
- you want the strongest developer tooling
- you prefer usage-based pricing
Marqeta scores 74 and Lithic scores 79 in our ratings. Marqeta suits large or multi-region programs. Lithic suits US programs that want to launch fast and grow on usage pricing.
Key Features Compared
Marqeta vs Lithic at a Glance, November 2026
| Feature |  Marqeta |  Lithic |
|---|---|---|
| Ratings | ||
| Fintech Index score | 74 / 100 | 79 / 100Higher score |
| Overview | ||
| What it is | Public card issuing platform that issues and processes debit, prepaid, and credit cards through APIs | US card issuing processor with APIs for virtual and physical card programs |
| Who uses it | Fintechs, lenders, and large brands, including Block's Cash App, Ramp, and DoorDash | Fintechs, business spend platforms, and software companies, with more than 100 clients including Mercury, Coinstar, and Order.co |
| Main products | Debit, prepaid, and credit card issuing and processing, just-in-time funding, and program management | Debit, prepaid, and credit card issuing and processing, accounts, and a payment hub with flexible ledgering |
| Where it operates | Certified to operate in more than 40 countries; UK and EEA e-money licenses through TransactPay since July 2025More countries | United States |
| Pricing | ||
| How pricing works | Contract pricing based on volume and the services used | Usage-based, scaling with cards and volume; full rates come with a quote |
| Published prices | Quote only | Quote only |
| Technology and compliance | ||
| Licenses and regulation | UK and EEA e-money licenses through TransactPay; handles bank relationships, network approvals, KYC, AML, disputes, and chargebacks | Works through partner banks; SOC 1 Type 1, SOC 2 Type 2, PCI DSS, and ISO 27001 certified |
| Developer tools | Open APIs, a sandbox, and just-in-time funding controls | Sandbox, API documentation, SDKs, and a public changelogHigher tooling score |
| Integrations and partners | Card networks and sponsor banks, with large clients such as Cash App, Ramp, and DoorDash | Partner banks and card networks; sponsor bank is confirmed per program |
| Onboarding and support | Sales-led onboarding built for programs with real volume; Ramp reached its first transaction in under 70 days | Launches scoped with Lithic's team; uptime target of 99.99% or more |
| Company | ||
| Founded | 2010 | 2014, as Privacy |
| Headquarters | Oakland, California | New York, New York |
| Ownership | Public (Nasdaq: MQ) | Private |
| Funding | Publicly traded since 2021 | ~$115M, including a $60M Series C in 2021 led by Stripes |
| Key leader | Mike Milotich | Bo Jiang |
| Scale | $382.5B total processing volume and $624.9M net revenue in 2025Larger volume | More than 100 card program clients |
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. Marqeta scores 74 and Lithic scores 79.
Criterion Scores Out of 100
Key Differences Between Marqeta and Lithic
Scale
Marqeta processed $382.5B in 2025 on $624.9M of net revenue. Lithic powers more than 100 card programs, including Mercury, and has raised ~$115M.
Developer Experience
Lithic scores 86 for developer tooling in our ratings, against 84 for Marqeta. Lithic offers a sandbox, SDKs, and a public changelog, and Marqeta is known for open APIs and just-in-time funding.
Geography
Marqeta says it is certified in more than 40 countries and bought TransactPay for UK and EEA licenses in 2025. Lithic focuses on the US.
Pricing
Neither posts a price list. Lithic charges by usage, and Marqeta sets fees by volume and services.
Pros and Cons
Marqeta
Pros
- Largest scale in the group, with $382.5B of processing volume in 2025
- Just-in-time funding gives fine control over each payment
- Certified in more than 40 countries, with UK and EEA licenses since 2025
- Public company with audited financials
Cons
- No published prices
- Built for programs with volume, so small launches may find it heavy
- Block's Cash App is its largest client, a concentration risk
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
Who Each Is Best For
Marqeta
A fintech, lender, or brand with real card volume that wants to run its own card program through APIs and control how each payment is approved.
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.
Alternatives to Marqeta and Lithic
These companies, all reviewed and rated on The Fintech Index, cover some of the same ground as Marqeta and Lithic.
Other Card Issuing and Processing Companies
| Company | Score | Best for | Comparisons |
|---|---|---|---|
| Thredd | 74 | Card programs in the UK, Europe, and Asia-Pacific | Thredd vs Marqeta |
| SoFi Technology Solutions | 76 | Programs that want a proven US processor and a banking core | Marqeta vs SoFi Technology Solutions |
| Highnote | 77 | US platforms that want issuing and acquiring on one ledger | Lithic vs Highnote Marqeta vs Highnote |
| i2c | 75 | Banks that want credit and debit processing on one platform | None yet |
| Paymentology | 76 | Multi-country card programs in emerging markets | None yet |
Frequently Asked Questions
Is Lithic cheaper than Marqeta?
Neither posts prices. Lithic's usage-based pricing suits smaller programs, while Marqeta is built for programs with volume.
Which is better for a startup?
Lithic usually suits a US startup better, with fast launches and usage pricing.
Which works outside the US?
Marqeta, which is certified in more than 40 countries.
Sources
- The Fintech Index analysis of Marqeta and Lithic, conducted November 2026 (As of November 10, 2026)
- Marqeta, investor relations: https://investors.marqeta.com/ (As of November 10, 2026)
- Marqeta, company site: https://www.marqeta.com/ (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)