Card issuer processing platform Lithic has announced a strategic partnership with Stearns Bank, a well-capitalized Minnesota-headquartered financial services institution, to expand its partner bank network and strengthen its infrastructure for powering next-generation financial experiences.
The partnership marks a significant milestone in Lithic's ongoing efforts to provide flexible, modular card issuing solutions to fintech companies. By adding Stearns Bank to its network, Lithic enhances its ability to support diverse card products and use cases, from digital banking and disbursements to expense management and rewards programs.
Stearns Bank brings substantial financial stability and regional expertise to the partnership, complementing Lithic's existing bank relationships. This expansion provides Lithic's customers with greater redundancy, optionality, and capacity as they scale their card programs.
The move comes as demand for Lithic's developer-first API platform continues to grow across the fintech ecosystem. The company's composable and extensible APIs enable businesses to build unique card products supporting debit, credit, and prepaid offerings across multiple use cases including bill pay, Buy Now Pay Later, neobanks, on-demand delivery, payouts, and loyalty rewards.
For fintech companies building card programs, having access to multiple bank partners is crucial for operational resilience and regulatory compliance. Bank partnerships allow fintechs to offer banking services without obtaining their own charter, providing access to card networks, deposit-holding capabilities, and Federal Reserve payment systems.
The partnership with Stearns Bank reinforces Lithic's position as a leading card issuing infrastructure provider, offering clients the flexibility to launch and scale card products quickly while maintaining control over their customer experience and product roadmap.