Lanistar, an online payments company, is expected to launch its services in the UK later this year, following strong growth in Latin America.
The UK-based company initially focused on building a strong solution for the Latin American market and has successfully launched in Brazil, where it boasts 20,000 customers.
Having experienced strong appetite in Brazil, Lanistar is also looking to expand across Latin America. Its goal is to reach over one million customers by mid-2023.
Expansion into the UK and the EU has postponed due to the high demand it experienced in Latin America. However, it is now planning to use its experience to support its move into the UK and Europe.
Lanistar CEO Jeremy Baber said, “The key to our launch (in Brazil) and those to follow in other parts of LATAM, has been our alliance partnership with Mastercard members, who offered a ‘Banking as a Service’ solution. This means Lanistar has a ‘one-stop shop’ solution for market entry in the region, offering a full suite of services including Bank Accounts, Card Issuing, fully digital onboarding, and best of breed Regulatory Compliance, KYC, and Transaction Monitoring.
“This has allowed Lanistar to concentrate on customer acquisition via our ever-growing social influencer family, and best-of-breed customer service, and continue development of the customer proposition with new and innovative services. The successful launch we have seen in Brazil with Bankly/Acesso Solutions, has made us review our growth plans in other regions. This means we are making a change in the UK and EU.”
This change is switching its card provider. Lanistar had initially partnered with Modulr, but the service lacked the ability to offer the full banking solution that was required. It is now working with a new card provider.
Lanistar secured approval from the Financial Conduct Authority (FCA) to operate as an Electronic Money Directive (EMD) agent of payments business Modulr.
Keep up with all the latest FinTech news here.
Copyright © 2023 FinTech Global