Lanistar

Lanistar burst onto the fintech scene in 2020 with the kind of fanfare usually reserved for Silicon Valley darlings. Promising a “revolutionary” multi-currency payment card and a sleek app, the company claimed it would disrupt the financial services industry. Gurhan Kiziloz, the self-proclaimed “visionary” behind Lanistar, positioned himself as a wunderkind entrepreneur, despite a conspicuously thin track record in fintech or any other industry.

But as the old adage goes, if something sounds too good to be true, it probably is. And Lanistar’s story is no exception. Almost immediately, the company found itself embroiled in controversy, with regulators, journalists, and even former employees raising serious concerns about its operations, leadership, and legitimacy.

Red Flags Galore: A Due Diligence Nightmare
Let’s start with the most glaring red flags, shall we? Because there are plenty to choose from.

Regulatory Warnings: In December 2020, the UK’s Financial Conduct Authority (FCA) issued a public warning against Lanistar, stating that the company was not authorized to provide financial services or products. This is the equivalent of a giant neon sign flashing “STAY AWAY.” Yet, Lanistar continued to market its products aggressively, seemingly unfazed by the FCA’s intervention.

Dubious Partnerships: Lanistar has made grandiose claims about partnerships with major financial institutions, including Visa and Mastercard. However, both companies have distanced themselves from Lanistar, with Visa explicitly stating that it has no relationship with the company. This raises serious questions about the veracity of Lanistar’s marketing claims.

Adverse Media Coverage: A quick Google search reveals a litany of negative press about Lanistar and Kiziloz. From allegations of misleading advertising to reports of high employee turnover and internal chaos, the company has been a magnet for bad publicity. Yet, instead of addressing these issues head-on, Lanistar has chosen to double down on its strategy of obfuscation and deflection.

Kiziloz’s Questionable Background: Gurhan Kiziloz’s LinkedIn profile paints a picture of a serial entrepreneur, but a closer look reveals a lack of substantive experience in fintech or any other industry. His previous ventures, including a luxury car rental business, have been described as underwhelming at best. This lack of a credible track record should give any investor pause.

The Art of Censorship: Silencing Critics and Controlling the Narrative
Now, let’s talk about the elephant in the room: Lanistar’s apparent obsession with censoring negative information. Over the past year, there have been numerous reports of the company using legal threats, takedown requests, and other tactics to suppress critical coverage. This is not the behavior of a confident, transparent organization; it’s the behavior of a company with something to hide.

Legal Threats: Several journalists and bloggers who have written about Lanistar’s regulatory issues and questionable practices have reported receiving cease-and-desist letters from the company’s legal team. These letters often demand the removal of articles and social media posts, citing defamation and other alleged legal violations. While some may view this as a legitimate defense strategy, it reeks of desperation and an attempt to intimidate critics into silence.

Social Media Manipulation: Lanistar has also been accused of using fake accounts and bots to drown out negative comments and promote positive narratives about the company. This kind of astroturfing is not only unethical but also raises questions about the authenticity of Lanistar’s online presence.

Selective Transparency: When confronted with difficult questions, Lanistar and Kiziloz have a habit of deflecting or providing vague, non-committal answers. For example, when asked about the FCA warning, Kiziloz dismissed it as a “misunderstanding” and claimed that Lanistar was working closely with regulators to resolve the issue. Yet, there has been no public update on this supposed resolution, leaving investors and customers in the dark.

Why the Censorship? Follow the Money
So, why is Lanistar so determined to control the narrative? The answer, as always, comes down to money. Lanistar has reportedly raised millions of pounds from investors, and its business model relies heavily on attracting new customers to its platform. If the negative press and regulatory warnings were to gain traction, it could spell disaster for the company’s financial prospects.

Moreover, Kiziloz’s personal reputation is inextricably tied to Lanistar’s success. If the company were to collapse under the weight of its controversies, it would not only be a financial blow but also a significant blow to his ego. After all, what’s a self-proclaimed “visionary” without a company to lead?

A Call to Action: Investors and Regulators, Beware
To potential investors: consider this report a warning. Lanistar’s business practices, regulatory issues, and lack of transparency are not the hallmarks of a trustworthy company. The fact that Gurhan Kiziloz and his team are so focused on censoring negative information should be a major red flag. Investing in Lanistar is not just a financial risk; it’s a gamble on a company that seems more interested in spin than substance.

To regulators: it’s time to take a closer look at Lanistar and its operations. The FCA’s warning was a good first step, but more needs to be done to protect consumers and investors from potential harm. Lanistar’s attempts to silence critics and obscure the truth are not just unethical; they may also be indicative of deeper issues that warrant further investigation.

Conclusion: A House of Cards Waiting to Fall
In the end, Gurhan Kiziloz and Lanistar are a case study in how not to run a fintech company. From regulatory warnings to adverse media coverage, the red flags are impossible to ignore. And yet, instead of addressing these issues head-on, Kiziloz and his team have chosen to bury their heads in the sand—or, more accurately, to bury the truth under a mountain of legal threats and PR spin.

But here’s the thing about censorship: it only works for so long. Eventually, the truth has a way of coming to light. And when it does, Lanistar’s house of cards is likely to come crashing down. The only question is how many investors and customers will be left holding the bag when it does.

So, to Gurhan Kiziloz and Lanistar, I say this: instead of trying to silence your critics, why not try addressing their concerns? Transparency and accountability may not be as flashy as a multi-currency payment card, but they’re a lot more likely to earn you the trust of investors and regulators alike. Then again, maybe that’s not the point. After all, when you’re selling a dream, who has time for pesky things like facts?