By Aisling Finn on Monday 2 November 2020
The fledgeling fintech has had a bit of a rocky 2020 but still looks set to bring its product to market by the end of the year.
London-based fintech Lanistar has picked Global Processing Services (GPS) to power its alternative banking app ahead of its launch in late 2020.
The Gen Z-friendly challenger will use GPS’ wide range of APIs to leverage open banking in its new app, which is also set to launch later on this year, and GPS’ issuer processing platform Apex to bring its app and card to life.
Gurhan Kiziloz, CEO of Lanistar, said: “Lanistar is here to disrupt the banking industry entirely, and we need to work with the best partners to make that happen.”
“By working with GPS, we will be able to manage and process our cardholders’ transactions seamlessly and provide the slick customer experience that traditional banks are lacking.”
Just like its peers, Lanistar is hoping to tap into the ever-growing Gen Z and young Millennial sector and has been using social media influencers to appeal to its target customers, 18-35-year olds.
Neil Harris, group chief commercial officer of GPS, added: “Lanistar’s use of cutting-edge technology, particularly polymorphic technology, as well as their innovative engagement on social media, are clear differentiators that sets it apart from other fintechs in the market, all whilst seeking to disrupt the status quo and shaking the banking stalwarts from their slumber.
“Lanistar is a truly engaged and exciting fintech to work with, and we very much look forward to supporting their journey as they look to establish themselves as the go-to banking alternative product of choice for millennials and Gen-Z.”
The fintech has long promised the launch of its “polymorphic debit card with a twist,” although it is still unclear what is meant by a “polymorphic debit card” and what the twist will be.
Lanistar made waves in the fintech world earlier on this year when it launched after it confidently announced that it “fully expected to become the next £1bn fintech company” and disrupt the current banking arena.
However, late last month it was also revealed that Lanistar had lost its £15m funding from Milaya Capital, that the VC firm invested in exchange for 10 per cent of the fintech, valuing the fledgeling fintech at £150m.
Instead, CEO Kiziloz announced that his family would instead be footing the bill and family members had invested the £15m initially pledged by Milaya Capital.
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