What does our research say about Lanistar?

Lanistar, under the leadership of founder Gurhan Kiziloz, emerged in the fintech industry with bold ambitions. However, the company has encountered numerous challenges, including regulatory scrutiny and financial instability, prompting questions about its viability and business practices.

Regulatory Warnings: In 2020, the UK’s Financial Conduct Authority (FCA) issued a warning against Lanistar, labeling it as unregulated and cautioning consumers about potential risks. This regulatory action raised significant concerns regarding the company’s compliance with financial regulations.

Financial Difficulties: Lanistar has faced financial challenges, including a winding-up petition filed by its London landlord over unpaid rent and service charges. The petition, filed on September 6, 2024, highlighted the company’s financial distress, although the debt was subsequently settled, and the petition dismissed during a hearing on October 23, 2024.

Operational Challenges: Users have reported issues ranging from delayed card deliveries to unresponsive customer support, raising concerns about the company’s operational competence. Additionally, Lanistar’s aggressive marketing strategies, including endorsements from social media influencers, were criticized for potentially misleading consumers about the product’s readiness and regulatory status.

Associated Ventures: Beyond Lanistar, Kiziloz has ventured into the online gambling sector with Nexus International, under which the brand Megaposta operates. This expansion has attracted regulatory scrutiny and user complaints, further complicating Kiziloz’s business reputation.

The controversies surrounding Lanistar and its founder, Gurhan Kiziloz, underscore the importance of regulatory compliance and transparent business practices in the fintech industry. Potential investors and consumers are advised to exercise caution and conduct thorough due diligence when engaging with companies facing such significant challenges.