A new challenger bank set to launch later this year has secured £2m in seed funding.

Hammersmith-based Lanistar will use the cash to help it create a new debit card, which the firm said will help customers streamline their money with new technology and open banking.

The product, expected to launch later this year, will also use ‘polymorphic technology’ to increase cybersecurity.

The start-up launches with 45 staff including tech, finance and cybersecurity specialists. It plans to hire a further 150 staff in future.

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Gurhan Kiziloz, CEO of Lanistar, said: “Consumers are crying out for a hassle-free banking alternative that can make their lives easier and give them first-class customer service. For too long, the established banking providers have treated their customers like numbers in a spreadsheet, letting them down when they need it most and ignoring their concerns.

“We’re investing heavily in a product that will transform the market, giving consumers a personalised, exciting experience which will fit easily into their daily lives.

“The days of outdated, poorly performing banking services are over and we’re here to set the new industry standard. We fully expect Lanistar to become the next £1bn fintech company and our team will work around the clock to turn this dream into a reality.”