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Lanistar teams up with Global Processing Services to launch its digital banking app later this year

Lanistar, a London-based neobank recently announced a partnership with Global Processing Services (GPS) ahead of the launch of their alternative banking product later in 2020. 

Uses Apex issuer processing platform

Through the partnership with GPS, Lanistar leverages GPS’ proven Apex issuer processing platform, based on APIs. On top of that, the company will be utilising real-time data feeds to directly manage account holder balances, transactions, enriched data, and more. 

Further, the partnership also enables Lanistar to manage its partner network and enhance the features of its proposition through PSD2 Open Banking.

Gurhan Kiziloz, Chief Executive Officer of Lanistar, commented: “Lanistar is here to disrupt the banking industry entirely, and we need to work with the best partners to make that happen. By working with GPS, we will be able to manage and process our cardholders’ transactions seamlessly and provide the slick customer experience that traditional banks are lacking.”

Aims to reach £1B valuation

Launching in Q4, 2020, Lanistar will provide a customer-centric alternative to the personal finance offerings provided by incumbents in the sector, enabling users to consolidate eight bank cards into one. With GPS on its side, Lanistar aims to reach a £1B valuation in the next few years.  

Neil Harris, Group Chief Commercial Officer of GPS, added: “As The PayTech Pioneer, GPS prides itself on working with some of the most innovative fintechs in the ecosystem, and Lanistar is no exception. Their use of cutting-edge technology, particularly polymorphic technology, as well as their innovative engagement on social media, are clear differentiators that sets them apart from other fintechs in the market, all whilst seeking to disrupt the status quo and shaking the banking stalwarts from their slumber.”

Raised £17M to date

Founded by Gurhan Kiziloz, Lanistar has raised a total of £17M in funding over 2 rounds to date. The company employs 45 full-time staff and has plans to grow a 150-person support team. Right now, Lanistar competes against the likes of Monzo, Bunq, OakNorth, Revolut, and more.

The post Lanistar teams up with Global Processing Services to launch its digital banking app later this year appeared first on UKTN (UK Tech News).

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