London-based fintech challenger Lanistar has forged a partnership with Mastercard as it prepares to launch its new banking alternative product later this year.

Under the agreement, Mastercard will enable Lanistar to launch and issue its new flagship debit card product to its UK customers, under Transact Payments.

The card leverages polymorphic technology and open banking to securely streamline customers’ money.

Mastercard UK and Ireland business development and fintech SVP Scott Abrahams said: “It’s always exciting to see new fintech companies emerging, and it’s no different with Lanistar.

“The team has created a unique product through its polymorphic technology, and we look forward to seeing them launch later this year.”

Lanistar is mainly targeting millennial and Generation-Z customers who seek lifestyle brands.

Lanistar CEO Gurhan Kiziloz said: “We’re investing heavily in our personalised, secure and exciting product that will transform the market and give people an unparalleled, hassle-free customer experience.

“Mastercard’s support will allow us to launch this entirely new product to the market, with the backing of a trusted, household name; we look forward to working with them as they help us achieve our status as the next £1bn fintech company.”

The alliance comes shortly after Lanistar’s £2m seed-financing.

The firm currently has full-time employee headcount of over 45. Plans are on to boost the headcount by another 150 support staff.