Lanistar Secures FCA Approval to Operate as EMD Agent of Modulr
Lanistar, the payment card and account provider built to match the Millennial’s lifestyle, today announces that it has secured approval of its application to operate as an EMD (Electronic Money Directive) Agent of Modulr (Modulr FS Limited) in the UK.
This means that Lanistar can offer its customers digital accounts to send and receive payments. This is possible due to Lanistar’s EMD agent status which allows Lanistar to distribute and redeem electronic money on behalf of Modulr. Lanistar also announced its official product launch will happen later this year. Lanistar separately aims to expand to the EU shortly after and Brazil in the summer, subject to approval from the relevant regulators in those jurisdictions.
As part of its vision to become a £10bn+ fintech, Lanistar has taken the initial step of hiring in several new big hitters into its senior team. Key figures include Bill Suglani, CFO, a former BP, KPMG and Open Banking executive, as well as Jeremy Baber, Director of Banking & Financial Services, who previously worked at GE Capital, Aldermore Bank plc and Link Financial.
Lanistar’s game-changing polymorphic payment account allows customers to stack cards into their account using the app which is available from the App Store and Google Play.
The payment card is created for the way Millennials live – stacked payment cards for payment on tap, dynamic CVV2 for secure online transactions, Mastercard branded and accepted at 38m tills world-wide. Lanistar also limits the personal information displayed on their card to add another layer of protection for their customers.
Lanistar currently has over 100 employees across three office locations, in London, North Macedonia and Athens, but post launch will scale up to over 400 employees by the end of 2021. Since its soft launch last year, the company has achieved over 228,000 Instagram followers and is backed by 3,000 social media influencers. The product, that is currently in alpha testing, will shortly move to exclusive beta testing, before a controlled rollout over the next 6 months.
Gurhan Kiziloz, CEO, Lanistar, comments “We are extremely grateful and excited by the official confirmation that we are approved as an EMD agent and one step closer towards achieving greatness.
“We are laser focused and obsessed with delivering our product and scaling up our company through 2021 with clinical precision and look forward to slowly but surely welcoming customers all over the world.”