Synalogik has raised over £3m ($4.06m) in a Series A funding round.
The group’s Scout data aggregation and reporting platform enables online operators – including Entain and Betway – to streamline customer profiling checks for AML and affordability for better compliance.
The funding round was led by Bill Currie, founder of retail, e-commerce and technology investment fund The William Currie Group, and former Tesco CEO Sir Terry Leahy. Investor Mark Blandford has also increased his existing stake in the group.
The company aims to use the capital raised to scale its Scout solution in different markets and accelerate the launch of additional solutions that have been developed over the past year and a half.
“The data landscape is exploding, organizations have unprecedented opportunities to make intelligent decisions based on data in their ecosystem or immediately available to them,” said Gareth Mussell, CEO of Synalogik. “Organizations struggle to capitalize on these opportunities and often rely on manual processes to aggregate data – it’s just not scalable.
“In 2021, a total of £32.1 million was paid out by 15 gambling businesses following fines or regulatory settlements – more than any previous year – and with regulations increasingly strict, the burden and cost of compliance will only continue to increase for gaming operators using manual processes.
“Closing this Series A funding round allows us to rapidly scale our capabilities, grow our workforce and bring to market exciting new products that will allow us to better serve our existing and new customers.”
Synalogik will also invest in its staff, in research and development, and plans to double the size of its engineering team and expand its customer service over the coming months.
Leahy commented, “The threat of money laundering and fraud to public and private organizations is very significant and growing. Companies are struggling to meet compliance standards and need better solutions like Synalogik’s Scout product that transforms the speed of data aggregation and risk analysis.