Mastercard to boost Lanistar’s debit card launch in 2020

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Mastercard announced its partnership with an alternative banking solutions provider, Lanistar. The partnership is expected to support the FinTech challenger’s banking alternative product launch later in 2020. Mastercard will assist the FinTech in issuing its new debit card product to customers in the UK, under Transact Payments Ltd.

Gurhan Kiziloz, CEO, Lanistar, commented, “We’re investing heavily in our personalised, secure and exciting product that will transform the market and give people an unparalleled, hassle-free customer experience. Many people are used to feeling like a number when it comes to dealing with their bank, but that won’t be the case for those using Lanistar. Mastercard’s support will allow us to launch this entirely new product to the market, with the backing of a trusted, household name; we look forward to working with them as they help us achieve our status as the next £1 billion fintech company.”

Hammersmith-based Lanistar’s new product will be launched in Winter 2020 and will use polymorphic technology and open banking to streamline customers’ money securely. The company has stated that it will offer early supporters and online influencers with an opportunity to raise the company’s profile and reach target valuation. The new development follows Lanistar’s £2 million seed-funding round last month.

Scott Abrahams, Senior Vice President, Business Development and FinTech at Mastercard in the UK and Ireland, Mastercard, commented, “It’s always exciting to see new fintech companies emerging, and it’s no different with Lanistar. The team has created a unique product through its polymorphic technology, and we look forward to seeing them launch later this year. Mastercard is the partner of choice for fintechs around the world, and we’re glad to help Lanistar bring more innovation to the market.”

Recently, Mastercard and FinTech franchise, Octet Europe announced the launch of a new trade solution across the EEA. Mastercard also said that it has extended its strategic partnership with licensed e-money institution, EedenBull in the EEA.