A new banking alternative fintech Lanistar has launched in the UK after securing £2m ($2.4m) in seed-funding.

Gurhan Kiziloz founded the Hammersmith-based company to challenge traditional banking services. He has also stated his ambition to make Lanistar a £1bn ($1.2bn) fintech company.

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Kiziloz said: “Consumers are crying out for a hassle-free banking alternative that can make their lives easier and give them first class customer service. For too long the established banking providers have treated their customers like numbers on a spreadsheet. They have been letting them down when they need it most and ignoring their concerns.”

New product

Private financing and family donations contributed to the seed funding raised. Lanistar hopes to use the funding to create a new debit card product, aimed at helping customers streamline their money through modern technology.

The new product is expected to launch in winter 2020 and will use polymorphic technology and open banking.

Kiziloz added: “We’re investing heavily in a product that will transform the market. It will give consumers a personalised, exciting experience which will fit easily into their daily lives.

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 “The days of outdated, poorly performing banking services are over and we’re here to set the new industry standard. We fully expect Lanistar to become the next £1billion fintech company and our team will work around the clock to turn this dream into a reality.”

The company hopes to tap into the millennial and Gen Z market. As part of its marketing, Lanistar is offering early supporters and influencers the opportunity to own part of the company. The goal is to raise the company’s profile and reach its target valuation.

Currently, the fintech has 45 full-time staff, with a further 150 support staff to be added. Other hires include technology specialists, financial analysts, cyber security specialists, marketing and media experts as well as industry veterans and disruptors.