Lanistar, a UK-based fintech set to launch a “polymorphic debit card” later this year, has partnered with Jumio for its onboarding.
California-based mobile payments and identity verification firm Jumio will help Lanistar verify users remotely.
Customers will submit a picture of their government-issued ID and a corroborating selfie with certified liveness detection. Jumio can also verify secondary documents, should a user need to submit them.
Jumio’s customers to date include Monzo, Middle East-based Bank ABC, Airbnb and easyJet.
The US fintech cites Signicat data, which suggests nearly 40% of potential new accounts go down the drain due to clunky onboarding.
“Polymorphic” debit card
The fintech looks to attract 18-35-year-olds. Lanistar said in March that the technology powering its debit card will be “polymorphic”.
FinTech Futures reached out to founder and CEO Gurhan Kiziloz to understand what a “polymorphic debit card” would look like.
Kiziloz declined to comment until the official launch planned for September or October 2020.
Polymorphism means ‘having many forms’, pointing to a debit card made for a variety of different uses. It is likely that these uses will be based around the lifestyle of its target audience of millennials and Generation Z.
In March, Kiziloz said Lanistar had “invested heavily” in its General Data Protection Regulation (GDPR) compliance. He has also said the product will help people “streamline their money”, and focus on the “daily lives” of its users.
Lanistar’s movements to date
Lanistar landed a $2.5 million (£2 million) seed investment in March through private financing and family contributions.
The fintech, which was founded last year, hopes to one day reach unicorn status.
“We fully expect Lanistar to become the next £1 billion fintech company and our team will work around the clock to turn this dream into a reality,” says Kiziloz.
In order to gain some brand traction, the start-up has allowed early supporters and online influencers to own part of the company.
Lanistar said in March that the start-up had 45 full-time staff. It looks to add a further 150 support staff over an unspecified time period.
via FinTech Futures – https://bit.ly/2CKyZ0D