London, 15 June: Lanistar and Mastercard have announced a new partnership as the fintech challenger prepares to launch its new banking alternative product later this year.
Through the partnership, Mastercard will enable Lanistar to issue its game-changing new debit card product to customers in the UK, under Transact Payments Ltd. Lanistar's flagship new product is expected to be officially launched in Winter 2020 and will make use of polymorphic technology and open banking to streamline customers' money safely and securely.
The company hopes to tap into the millennial and Generation-Z, 18-35 market, attracting customers who seek aspirational and lifestyle brands to enrich their daily lives. As part of its marketing effort, Lanistar is offering early supporters and online influencers the opportunity to own part of the company, helping raise the company's profile and reach its target valuation.
The partnership news follows Lanistar announcing £2 million in seed-funding last month. The company, based in Hammersmith, now has more than 45 full time staff, with a further 150 support staff due to be added, and is founded by serial entrepreneur Gurhan Kiziloz who has stated his ambition to create a £1 billion fintech company and challenge traditional banking services.
Gurhan Kiziloz, CEO, Lanistar, commented, "We're investing heavily in our personalised, secure and exciting product that will transform the market and give people an unparalleled, hassle-free customer experience. Many people are used to feeling like a number when it comes to dealing with their bank, but that won't be the case for those using Lanistar. Mastercard's support will allow us to launch this entirely new product to the market, with the backing of a trusted, household name; we look forward to working with them as they help us achieve our status as the next £1 billion fintech company."
Scott Abrahams, Senior Vice President, Business Development and Fintech at Mastercard in the UK and Ireland, Mastercard, commented, "It's always exciting to see new fintech companies emerging, and it's no different with Lanistar. The team has created a unique product through its polymorphic technology, and we look forward to seeing them launch later this year. Mastercard is the partner of choice for fintechs around the world, and we're glad to help Lanistar bring more innovation to the market."
Kriya Patel, CEO, Transact Payments Ltd added "We are delighted to be working with the team at Lanistar in challenging the traditional approach to payments and financial services. Our flexible approach ensures we can support breaking down any complexities that exist in delivering a great set of new solutions orientated around excellent customer experience and secure payment solutions."
