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.