FCA issues warning against FinTech wonder lanistar

FCA issues warning against FinTech wonder Lanistar

Lanistar is a prominent FinTech on Instagram and proudly presents young, sexy, and fashionable influencers on its website. The company was also hyped by bullish press releases from its partner MasterCard. The FinTech is aiming for a £1 billion valuation. The UK FCA, however, has issued an investor warning against Lanistar, advising that it’s operating without authorization in the U.K.

Lanistar (www.lanistar.com) has been established by British serial entrepreneur Gurhan Kiziloz, born in Aug 1987, and Gursel Niyazi, born in May 1961. According to the UK Companies House, the latter also controls the company. The FinTech claims to make its customers untouchable with its “polymorphic” technology and open banking.

A polymorphic bank card for those who know influence is the only currency that matters.

Lanistar slogan

The FinTech has been targeting Instagram influencers with Instagram campaigns featuring the footballer Kevin de Bruyne and model Demi Rose.

Kiziloz has bragged that he is building a £1 billion company but a recent £15 million investment round with Milaya Capital at a £150 million valuation, fell through. Instead, the funding was replaced by money from Kiziloz’s family members.

In a statement, Lanistar said that they already have announced their intended future services and that they will be partnering with firms that are authorized by the FCA to provide financial services or products. Allegedly, Lanistar is “in the process of contacting the FCA to clarify the position and will be requesting that the Notice is removed.

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