Lanistar’s CEO Resigns Amidst Winding-Up Petition Report

Jeremy Baber, the CEO of Lanistar, a UK-based payment provider, has recently left the company. Baber, who joined Lanistar nearly four years ago and took on the role of CEO in January 2022, saw his directorship officially terminated on September 13, according to a filing with Companies House. In a statement reflecting on his tenure, Baber remarked that he enjoyed his time with Lanistar and wished the team continued success.

Lanistar, which launched in the UK in 2020, initially gained attention by enlisting former UK Defence Secretary Gavin Williamson as an advisor. However, the company faced significant regulatory issues, particularly with the Financial Conduct Authority (FCA) and the Advertising Standards Authority (ASA).

The Financial Conduct Authority (FCA) issued a warning to Lanistar, indicating that the company was “not conducting regulated activities” as required. This regulatory scrutiny contributed to Lanistar's decision to withdraw from the UK market. Following the FCA's warning, Lanistar chose to redirect its focus towards Latin America, where it aimed to find more favorable conditions and opportunities for growth. The move reflects the company’s strategic shift in response to regulatory challenges and an attempt to stabilize its operations in a different region.

The company is now encountering additional difficulties. A recent report in Financial News highlights that Lanistar is dealing with a winding-up petition filed by its London landlord. The petition, which was lodged on September 6, claims that Lanistar has accumulated serious arrears related to its rent and service charges. Despite attempts to reach out for comment, Lanistar has not provided any response regarding the situation.

The recent departure of Jeremy Baber, the CEO of UK-based payment provider Lanistar, comes at a turbulent time for the fintech company. Baber, who had been with Lanistar for nearly four years and was appointed CEO in January 2022, officially stepped down from his role as director on September 13. Baber expressed his appreciation for his time with the company, stating, “I enjoyed my time at Lanistar and wish the team well.”

Lanistar, which began operations in the UK in 2020, has faced a series of difficulties, including regulatory challenges and financial issues. The company drew significant attention from the Financial Conduct Authority (FCA) and the Advertising Standards Authority (ASA) for allegedly not conducting regulated activities. This led to its decision to exit the UK market and refocus its efforts on Latin America, where it hoped to find more favorable conditions.

The company's financial troubles have recently escalated, culminating in a winding-up petition filed by the owner of Lanistar’s London headquarters. According to a report in Financial News, the petition was issued on September 6 due to Lanistar’s failure to pay rent and service charges, which has resulted in “serious arrears.” This legal action highlights the severe financial strain the company is under and reflects broader concerns about its ability to meet its financial obligations.

Lanistar's difficulties are compounded by a broader context of regulatory scrutiny and operational challenges. Despite recruiting high-profile advisors such as former defence secretary Gavin Williamson, the company has struggled to stabilize its position in the market. The recent developments, including the leadership change and legal issues, cast a significant shadow over Lanistar’s operations and future prospects, raising questions about its ability to navigate these challenges and achieve long-term stability.