Lanistar secures FCA approval to operate as EMD Agent of Modulr

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.”

EMD Agent

Under the 2011 Electronic Money Regulations, Electronic Money Institutions (such as Modulr) may distribute and redeem e-money and provide payment services through agents (such as Lanistar). To become an EMD agent of Modulr, the prospective agent will undergo rigorous due diligence which includes KYC and other compliance assessments. At this point, Modulr submits the EMD agent registration to the FCA for their approval. If approved, the FCA updates their register which is available here. All agents are subject to Modulr’s ongoing regulatory and compliance monitoring and oversight.

About Lanistar

Lanistar is a new payment card and account built to match the Millennial’s lifestyle. The company has 100 employees and is on course to become a £10bn fintech.

https://lanistar.com/en/

About Modulr

Modulr is the Payments as a Service API platform for digital businesses. It integrates into any product or system. Modulr’s new type of payment accounts are built for businesses that need a faster, easier and more reliable way to move money. Businesses can automate payment flows, embed payments into their platforms and build entirely new payment products and services themselves. All managed in real-time, 24/7 from one API.

Modulr FS Limited (FRN 900573) is an Authorised Electronic Money Institution, regulated by the Financial Conduct Authority. Modulr FS Europe Limited (638002) is authorised by the Central Bank of Ireland as an Electronic Money Institution. Modulr is one of a few non-banks to be a directly connected participant of Faster Payments and Bacs, enabling it to hold and settle funds at the Bank of England.