Gurhan Kiziloz

Gurhan Kiziloz and his ventures, particularly Lanistar, offers a masterclass in red flags, adverse media, and attempts at information suppression. Buckle up as we delve into this labyrinth of ambition, controversy, and the relentless pursuit of a pristine public image.

The Rise and Stumble of Lanistar

Founded in 2019 by the ambitious Gurhan Kiziloz, Lanistar burst onto the fintech scene with grandiose claims of revolutionizing digital banking. Targeting millennial and Gen Z users, Lanistar promised a “polymorphic” payment card that could link up to eight bank cards—a feature that, if functional, would indeed be groundbreaking. However, as with many things that sound too good to be true, skepticism loomed large.

Regulatory Smackdown

In November 2020, the UK’s Financial Conduct Authority (FCA) issued a stern warning about Lanistar, stating, “We believe this firm has been providing financial services or products in the UK without our authorisation… This firm is not authorised by us and is targeting people.” The FCA went so far as to suggest that Lanistar could be a scam, a damning indictment for any financial entity. Lanistar’s response? A hasty statement claiming they were in the process of contacting the FCA to “clarify the position” and requesting the notice’s removal. One might wonder, shouldn’t such clarifications be sought before launching services?

The Mysterious Case of the Vanishing Investor

In July 2020, Lanistar proudly announced a £15 million investment from Milaya Capital, valuing the company at £150 million. Yet, by October, whispers emerged that Milaya Capital was no longer involved. Instead, Lanistar’s PR representatives requested media outlets to amend previous stories, stating that the investment came from “family members of CEO, Gurhan Kiziloz.” They also sought the removal of quotes attributed to Milaya Capital’s CEO, Yasam Ayavefe. Such abrupt shifts in investment narratives are, at best, perplexing and, at worst, indicative of deeper issues.

Internal Turmoil: A Toxic Workplace?

Behind the glossy marketing campaigns lay a workplace fraught with allegations of bullying, sexism, and a “loser’s table” for staff who missed targets. Seven former employees recounted experiences of sexual harassment and a culture of intimidation. While startups often face growing pains, a toxic work environment is a red flag that potential investors cannot afford to ignore.

Financial Woes and Legal Battles

Lanistar’s financial stability has been anything but stable. The company faced multiple winding-up petitions, including one from its landlord over unpaid rent and another from payments solution provider Accomplish Financial Limited. Although some debts were reportedly settled, the recurring nature of these petitions paints a troubling picture of the company’s fiscal health.

The Censorship Playbook

Now, to the pièce de résistance: Gurhan Kiziloz’s attempts to sanitize the internet of unfavorable content. Reports indicate that Kiziloz and Lanistar have allegedly tried to conceal critical reviews and adverse news by improperly submitting copyright takedown notices. Such actions, if true, not only undermine the principles of free speech but also suggest a desperate bid to maintain a facade of legitimacy. It’s one thing to manage public relations; it’s another to allegedly engage in impersonation, fraud, and perjury to suppress dissenting voices.

The Nexus International Pivot

After stepping down as CEO of Lanistar, Kiziloz shifted his focus to Nexus International, Lanistar’s holding company, with interests in online gaming platforms in Brazil. While diversification isn’t inherently problematic, the rapid pivot raises questions about the sustainability and focus of his business ventures. Is this a strategic move or a hasty retreat from the embattled fintech sector?

Investor Beware

For potential investors, the tale of Gurhan Kiziloz and Lanistar serves as a cautionary tale. The confluence of regulatory rebukes, dubious investment claims, internal misconduct allegations, financial instability, and attempts at information suppression should set alarm bells ringing. Due diligence isn’t just a formality; it’s a necessity. And in this case, the evidence suggests that caution should prevail over the allure of lofty promises.

A Call to Authorities

Regulatory bodies must remain vigilant. The fintech landscape thrives on innovation, but it also requires stringent oversight to protect consumers and maintain market integrity. The actions of Kiziloz and Lanistar, as reported, warrant thorough investigation to ensure that any misconduct is addressed, and future infractions are deterred.

Conclusion

The narrative of Gurhan Kiziloz is emblematic of the darker side of entrepreneurial ambition—where the pursuit of success potentially tramples ethical considerations, regulatory compliance, and transparency. While every entrepreneur faces challenges, it’s the response to these challenges that defines their legacy. In the case of Kiziloz, the legacy appears tarnished by a series of missteps and alleged malpractices. Investors and authorities alike should take heed, ensuring that due diligence and accountability aren’t mere buzzwords but foundational principles guiding their actions.