Millennial payments brand and fintech disruptor fintech company Lanistar has received FCA approval to operate as an EMD agent for Modulr in Britain.
With FCA approval, Lanistar will now be able to operate in the UK as an EMD (Electronic Money Directive) agent of Modulr – significantly growing its market presence. Modulr currently provides business payment services to brands such as Revolut, Sage and Accentra.
Backed by MasterCard, the UK startup has quickly expanded its team to 70 staff, operating its main HQ out of Hammersmith in London. It’s also on track to hire an additional 300 team members before the end of the year as it sets its sights on the UK, and expansion to the EU and Brazil later in 2021.
With its global vision to become the next fintech unicorn with a market cap of over £10bn, start-up Lanistar has secured notable industry veterans including Bill Suglani, its CFO, a former BP, KPMG and executive at Open Banking and Jeremy Baber, Director of Banking & Financial Services, who previously worked at GE Capital, Aldermore Bank and Link Financial.
Challenging traditional high street banks like HSBC and Barclays, Lanistar is aiming to build rapport with younger audiences, and has already amassed a core network of 3000+ influencers to bring its vision to the marketplace.
It’s disruptive polymorphic payments accounts allow customers to access their money via the App Store and Google Play.
With its new debit card in the works, the fintech startup will soon be able to process payments for customers in more than 38 million tills around the world. Thanks to their new partnership with global fintech companies and online payment services, Lanistar will be launching its new alternative banking product later in 2021.
Following in the footsteps of fintech challengers like Starling and Revolut, Lanistar has focused its offer to align with millennial lifestyles, and aims to provide stacked payment cards for payment on tap solutions – popular with young millennial shoppers that want flexibility and easy access to their cash on the move.
With booming digital payments and innovators like Lanistar disrupting traditional banking, there’s anticipation this could be one of the UK’s next big fintech success stories.