The group’s Scout data aggregation and reporting platform allows online operators - including Entain and Betway - to streamline customer profiling checks for AML and affordability for improved compliance.
The funding round was led by Bill Currie, Founder of retail, e-commerce and tech investment fund, the William Currie Group, and former Tesco CEO Sir Terry Leahy. Investor Mark Blandford also increased his existing stake in the group.
The company aims to use the capital raised to scale its Scout solution across different markets, and to expedite the launch of additional solutions that have been developed over the past year and a half.
“The data landscape is exploding, organisations have unprecedented opportunities to make intelligent decisions based upon the data within their eco-system or immediately available to them,” said Synalogik CEO Gareth Mussell. “Organisations are struggling to harness these opportunities and often rely on manual processes to aggregate data - this is simply not scalable.
“In 2021, a total of £32.1m was paid by 15 gambling businesses as a result of fines or regulatory settlements - more than any previous year - and with regulations becoming increasingly stringent, the burden and cost of compliance will only continue to increase for gambling operators using manual processes.
“Closing this Series A funding round allows us to rapidly scale up our capabilities, increase our headcount and bring new and exciting products to market that will allow us to better serve existing and new clients.”
Synalogik will also invest in its people, research and development, and plans to double the size of its engineering team and grow its customer support department over the coming months.
Leahy commented: “The threat from money laundering and fraud to public and private organisations is very significant and growing. Businesses are struggling to meet compliance standards and need better solutions like the Scout product from Synalogik which transforms the speed of data aggregation and analysis of risk.”
