On 18 November 2020, the UK regulator FCA issued a consumer warning against the FinTech startup Lanistar. Subsequently, Lanistar apparently contacted the FCA and offered clarification. These talks evidently have been positive. On 20 November 2020, the FCA officially removed its warning. Lanistar agreed to make clear in its communication that it is not conducting FCA-regulated activities.
It is apparently important to the FCA that no statements are made in Lanistar‘s marketing materials and/or on its website that could potentially mislead consumers about regulation. The UK FinTech has been established in 2019 by British serial entrepreneur Gurhan Kiziloz, born in Aug 1987, and Gursel Niyazi, born in May 1961.
Lanistar wants to make a name for itself with its allegedly revolutionary banking approach (open banking with a super-secure debit card), especially through the influencers on Instagram. Currently, the FinTech is in a pre-launch process, customers can only register for the Lanistar debit card. The service and the card are not yet available.