Lithic, a card issuer processing platform, has announced a partnership with Stearns Bank, a Minnesota-headquartered financial services institution. The collaboration aims to expand Lithic’s enterprise-grade card program capabilities, enabling fintechs to launch comprehensive consumer and commercial card programs supported by established infrastructure.
Under this partnership, Stearns Bank will serve as the BIN sponsor across major payment networks for Lithic’s program-managed services. Stearns Bank brings over a century of national banking expertise and a focus on economic empowerment, which aligns with Lithic’s objective to provide scalable, compliant payment and banking infrastructure for its growing fintech and enterprise client base.
Bo Jiang, CEO of Lithic, stated, “Stearns Bank’s vision of shared prosperity and their commitment to empowering people to achieve their full economic potential perfectly aligns with Lithic’s values and our shared belief that better banking and payments experiences improve lives.” He added that the collaboration seeks to democratize access to enterprise-grade issuing capabilities, allowing fintechs to deliver innovative financial products that foster inclusive growth and expand economic opportunity.
Stearns Bank, recognized for its relationship-focused banking services and its support for communities often underserved by larger institutions, sees the partnership as a strategic move in fintech enablement. Patrick Slain, VP, Director of Fintech at Stearns Bank, commented, “Lithic’s commitment to democratizing access to modern card and payment infrastructure aligns with Stearns Bank’s mission of empowering people and businesses to achieve their financial goals. Together, we’re creating pathways for fintechs to build innovative, compliant products that drive inclusive growth and meaningful economic impact.”
This partnership provides several enterprise-ready capabilities for fintechs across the United States. These include the ability to launch comprehensive card program suites covering credit, debit, and prepaid programs for both consumer and commercial markets through a single platform. Fintechs will also gain direct Federal Reserve access for ACH processing and FedWire capabilities, facilitating efficient money movement.
Furthermore, the collaboration offers robust compliance infrastructure, leveraging Stearns Bank’s regulatory expertise for scalable operations. Lithic’s services, including onboarding, processing, and settlement, are designed to streamline operations and reduce time-to-market for new payment products. The partnership also delegates comprehensive program services such as disputes, chargebacks, 24/7/365 cardholder support with IVR, fraud monitoring, and risk management, all built on enterprise-grade infrastructure designed for reliability and control.
Lithic provides APIs and operational enablement services that allow businesses to manage money, build card programs, and issue debit, credit, and prepaid cards to consumers and businesses. Stearns Bank National Association, a majority women-owned and governed financial services institution, offers a range of national products and services, including consumer and small business banking, affordable housing financing, USDA and SBA lending, and equipment and small business financing. Headquartered in Minnesota, the privately held, employee-owned institution also has branch locations in Florida and Arizona.
