Lanistar, a new challenger bank, has officially launched its platform after acquiring £2 million in seed funding.
Based in Hammersmith, Lanistar reportedly has 45 full-time workers on its payroll. The digital bank plans to add 150 more staff members.
The neobank has been founded by serial entrepreneur Gurhan Kiziloz, who noted that he is planning to grow Lanister into a £1 billion Fintech firm and challenge traditional banking service providers.
Lanister’s seed funding was acquired via private financing and contributions from family offices. The challenger bank aims to offer a new debit card product that will help its clients streamline their money management and day-to-day business activities.
Lanistar’s new product is scheduled to launch toward the end of this year. It will leverage open banking and polymorphic technology.
Lanister’s management noted that the bank aims to serve the millennial and Generation-Z, 18-35 age group. It aims to work with consumers who are interested in aspirational and lifestyle brands to improve the quality of their daily lives.
Lanistar confirms that it will comply with the European Union’s General Data Protection Regulation (GDPR). The firm says that it has taken the appropriate measures to ensure that its platform is secure.
Gurhan Kiziloz, CEO at Lanistar, stated:
“Consumers are crying out for a hassle-free banking alternative that can make their lives easier and give them first class customer service. For too long the established banking providers have treated their customers like numbers in a spreadsheet, letting them down when they need it most and ignoring their concerns.”
Kiziloz added:
“We’re investing heavily in a product that will transform the market, giving consumers a personalized, exciting experience which will fit easily into their daily lives.’