Unicorn hopeful Lanistar lands $2.5m
Lanistar, the UK-founded fintech vying to become a £1 billion “banking alternative”, has landed $2.5 million (£2 million) in seed funding.
The unicorn hopeful says it raised the capital through private financing and family contributions.
The funds will go towards the development of its main product, which the fintech calls a “game-changing” debit card offering to help people streamline their money.
Not set to launch until this winter, the fintech has released little else about the nature of its product, other than using “polymorphic” technology and open banking, in the hopes of targeting the millennial and Generation Z 18-35 market.
The 2019-founded start-up also highlights that “superior security” and “premium customer service” will be the focal points of the product, stressing that it has “invested heavily” in its General Data Protection Regulation (GDPR) compliance.
“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,” says CEO Gurhan Kiziloz.
“We fully expect Lanistar to become the next £1 billion fintech company and our team will work around the clock to turn this dream into a reality.”
The team is currently made up of 45 full-time staff, and the fintech says a further 150 support staff are “due to be added” over an unspecified time frame.
In order to gain some brand traction, the start-up is allowing early supporters and online influencers to own part of the company. It hopes this strategy will also help it reach its target valuation.