Former defence secretary Gavin Williamson has left his role as an advisor to Lanistar, with the controversial fintech also losing CEO Jeremy Baber and facing a winding up petition over unpaid debts.
Former conservative minister Williamson was cleared to take up a position on the advisory board of Lanistar late last year "providing guidance, connections (with financial institutions) and leadership".
However, a spokesman for Williamson tells the Telegraph that he is no longer in the role, noting that his departure came before CEO Baber left.
Baber, who spent four years at the company, taking over as chief executive in 2022, says: “I enjoyed my time at Lanistar and wish the team well.”
The high-profile departures come as Financial News reports that Lanistar is facing a winding up petition brought by the office at which the company is based, 361 Hammersmith Ltd, over unpaid rent and service charges.
Unaudited accounts for Lanistar show it lost £4.1 million last year and £2.5 million in 2022.
Founded in 2019 to much publicity, Lanistar has still yet to launch in the UK but does operate in Brazil.
Its original product pitch was a debit card that links to up to eight bank cards to help customers better manage their finances via "polymorphic" technology and open banking.
In 2020, the FCA issued a warning to would-be investors in Lanistar stating that the firm was providing services or products without authorisation.
The warning came days after Lanistar paid a host of social media influencers - including Love Island contestants and drag queens - for a promotional blitz, with founder Gurhan Kiziloz boasting of a vision to become a "£10bn+ fintech".