UK-based Lanistar, an alternative to digital banking, has netted £2m in its seed funding round as it sets its sights on becoming a £1bn company.
The FinTech has launched its services with the aim of providing alternative banking services the millennial and generation Z consumers.
Lanistar CEO Gurhan Kiziloz said, “The days of outdated, poorly performing banking services are over and we’re here to set the new industry standard. We fully expect Lanistar to become the next £1billion fintech company and our team will work around the clock to turn this dream into a reality.”
The company has a team of 45 members but is looking to hire an additional 150 people later in the year.
The funding round was supported through private financing and family contributions. The capital will be used to support the development of a new debit card product which will helps users streamline their money management. Its new product is expected to launch in the winter of 2020 and will leverage polymorphic technology and open banking.
As part of its marketing efforts, the company is offering early supporters and online influencers an opportunity to own part of the company.
Lanistar CEO Gurhan Kiziloz said, “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 a spreadsheet, letting them down when they need it most and ignoring their concerns.
“We’re investing heavily in a product that will transform the market, giving consumers a personalised, exciting experience which will fit easily into their daily lives.”
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