You may not know Lithic. Until recently, it was called Privacy.com. 

In May, it announced an Amazonian move: delivering the card issuing & processing infrastructure it built for itself via an API.

Now, it's worth $800M and growing like a card rocket.

This is a fun one. We'll learn about Lithic's pivot using the framework that Ben Thompson laid out in The Amazon Tax. Build primitives, incur high fixed costs, expose primitives via API, get increasing returns to scale.

Read the full post at Not Boring here.