Deepening its commitment to compliance, Lanistar, a British challenger fintech, has agreed to make appropriate amendments, which have led to the removal of the FCA warning of the firm.
The company emphasised that in the future it would not be providing financial services or products without the FCA’s authorisation. It also said it intended future services be through partnering with firms that are authorised by the FCA to provide financial services or products.
The news comes as Lanistar announced it had already signed up over 200,000 interested consumers on its waiting list and achieved 7.8 million engagements via its influencer content on Instagram in the first 72 hours.
Furthermore, the firm’s continued marketing push continues to be fruitful, with it securing 70,000 followers on Instagram and 4.1 million clicks on the company’s online appstore.
However despite the success of its campaign, Lanistar received media backlash and Fintech criticism for promoting its banking services without any formal FCA accreditation.
Lanistar’s signature Volt card will include its own keypad and display, allowing users to generate one-time PINs and CVV2 codes which expire after one use. Thanks to its polymorphic technology, the card will also allow users to add up to eight bank cards on the Lanistar card and swap between them using the keypad. The cards will also have limited personal details on the card itself to protect users.
People will be able to use a Lanistar card anywhere that Mastercard is accepted globally, and can pay with and convert multiple currencies including Euros, Danish Krone, Bulgarian Lev, Norwegian Krone, Polish Zloty, Hungarian Forint, and more.
Within the app, users can monitor activity across all of their payment methods including Lanistar, change the payment card used up to seven days after a payment was made, set financial goals, and round up and split payments.