Former Defence Secretary Gavin Williamson has stepped down from his advisory role at fintech company Lanistar, which is also facing challenges with the departure of CEO Jeremy Baber and a winding-up petition due to unpaid debts.
Williamson, who previously took on the advisory position late last year to offer guidance and connections with financial institutions, is no longer associated with the company, according to a spokesperson. His exit occurred prior to Baber’s departure. Baber, who led Lanistar for four years after becoming CEO in 2022, expressed his appreciation for his time at the company and wished the team well.
These notable exits are occurring as Financial News reports that Lanistar is facing a winding-up petition from 361 Hammersmith Ltd, the firm’s landlord, over unpaid rent and service charges. Unaudited financial data indicates that Lanistar incurred losses of £4.1 million last year and £2.5 million in 2022.
Established in 2019 with significant media coverage, Lanistar has yet to launch its services in the UK but is operational in Brazil. The company originally promoted a debit card capable of linking up to eight bank accounts to assist customers in managing their finances through innovative “polymorphic” technology and open banking.
In 2020, the Financial Conduct Authority (FCA) issued a warning to potential investors, citing that Lanistar was offering services without official authorization. This warning followed a promotional campaign involving numerous social media influencers, including participants from Love Island, with founder Gurhan Kiziloz expressing aspirations for the company to become a £10bn-plus fintech entity.