Modern Card Issuing, Built for Canada

Lithic's expansion into Canada introduces powerful, developer-first card issuing to the market, unlocking new opportunities for ambitious and innovative card programs. Here’s why we made this move and what it means for businesses in the Canadian market.

Talk to our team

Payments in Canada

Digital-First Banking and Payments

The Canadian banking sector is highly concentrated, with the top 6 banks controlling over 90% of the market. Incumbents have been slow to modernize, leaving room for innovative fintechs to meet rising demand for flexible, user-centric payment solutions.

Investment in Fintech

Canadian fintech is booming—2024 saw record funding, and key verticals like digital banking, credit programs, disbursements, expense management, and AP automation are set for continued growth in 2025.

Open Banking

Canada’s Consumer-Driven Banking Framework is poised to create a more dynamic and competitive financial services environment in Canada, offering fintech companies new opportunities for customer acquisition, growth, and distribution. The initiative is gaining momentum, signaling a strong commitment to its implementation and the opportunities it will unlock.

Sponsor Banking and Principal Membership

Unlike in the U.S., scaled Canadian fintechs can apply for principal membership with global card networks—enabling them to launch programs directly. Combined with growing sponsor banking investment, the landscape is ripe for innovation in multicurrency issuing, cross-border payments, and co-branded programs.

Why Lithic?

Developer-First Payment Processing

Lithic is a modern payments infrastructure provider that enables ambitious teams to build better card products that improve peoples’ lives. Lithic provides 100+ clients with critical and secure infrastructure to stand up a wide array of card programs, and closely partners with networks & industry-leading banks who trust in Lithic's operational and tech excellence.

Multi-Currency Processing and Cross-Border Commerce

Lithic offers multi-currency processing, enabling clients to build innovative cardholder experiences tailored to the modern reality of cross-border commerce. Clients can settle like-for-like currency with the card network, which enables our clients and cardholders to control conversion rates and minimize fluctuations in settlement value.

Direct Network
Connections

Lithic is a modern issuer processor with direct connections to payment networks. This facilitates rapid entry and scaling into new regions like Canada, enabling fintechs to seamlessly integrate card issuance, streamline payment processing, and expand their offering with minimal friction.