Lanistar secures FCA approval to operate as EMD Agent of Modulr

By Megha Bhattacharya

Payment card and account provider Lanistar today announced 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. Lanistar can offer its customers digital accounts to send and receive payments. The company also announced its official product launch will happen later this year.

The FinTech’s 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 offers stacked payment cards for payment on tap, dynamic CVV2 for secure online transactions, Mastercard branded and accepted at 38m tills worldwide. Lanistar also limits the personal information displayed on their card to add another layer of protection for their customers.

Gurhan Kiziloz, CEO, Lanistar, commented, “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.”

Recently, Global Processing Services (GPS) announced that it has partnered with FinTech challenger Lanistar in a bid to support the launch of latter’s alternative banking product this year. The collaboration sees the FinTech utilising GPS‘ Apex issuer processing platform along with APIs and real-time data feeds for managing account holder balances, transactions, data and developments in security and fraud protection. Lanistar will also be enabled to manage its partner network and boost its proposition through PSD2 Open Banking.