Online operators like Entain and Betway can use the group's Scout data aggregation and reporting tool to better compliance by streamlining client profiling checks for AML and affordability.
Bill Currie, founder of the William Currie Group, an investment company specialising in retail, e-commerce, and technology, and Sir Terry Leahy, a former chief executive officer of Tesco, spearheaded the financing round. Mark Blandford, an investor, also upped his already substantial share in the company.
With the funds acquired, the company plans to expand Scout to more markets and speed up the release of other solutions that have been in development for the last 18 months.
According to Synalogik CEO Gareth Mussell, "the data landscape is exploding," meaning that businesses may now take advantage of great chances to make informed decisions using the data that is either already available to them or is part of their ecosystem. To aggregate data, many organisations still use inefficient and unscalable manual methods. As a result, they miss out on these potential.
Fines and regulatory settlements totaled £32.1m in 2021, the highest amount ever paid by a gambling company. As rules get stricter, the cost and hassle of compliance will rise for operators that rely on manual processes.
"Upon finalising this Series A funding round, we will be able to swiftly expand our operations, hire more people, and introduce innovative products to the market. This will enable us to render superior service to both our current and potential customers."
Synalogik intends to increase its customer service department and engineering team size by 100% in the next several months as part of its investment in R&D and its staff.
"The danger of fraud and money laundering to both public and private organisations is substantial and increasing," Leahy said. Companies are facing challenges in meeting compliance regulations and could benefit from innovative solutions such as Synalogik's Scout tool, which accelerates data gathering and risk analysis.
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