- Regulatory compliance tech startup Letzz has received investment from former Kindred Group CEO
- Tjärnström is reported to have donated “substantial funding” to the company
- Letzz was initially founded in 2023
Former Kindred Group CEO Henrik Tjärnström has reportedly invested in the Malta-based compliance startup, Letzz.
The recently founded regulatory tech organisation aims to address the issues faced by online gaming operators looking to ensure global compliance by offering an AI-driven workspace. Now, former Kindred CEO Henrik Tjärnström has reportedly invested an undisclosed sum to the start-up organisation, which was initially founded in 2023.
Commenting on his investment, Tjärnström stated: “Managing compliance effectively is one of the biggest and potentially costliest pain points in iGaming today. Letzz is tackling this challenge head-on, developing a platform that’s secure, reliable, and practical for operators. I’m proud to support a solution that addresses such a critical industry need.”
Also speaking on this development, Daniel Gambin, Co-Founder of Letzz, “Managing compliance in the iGaming sector has become a significant burden, with costs in regulated markets rising faster than revenues over the past few years. Our mission is to simplify this process without compromising on accuracy or security. We’re giving operators the tools to stay ahead of changes while saving time and resources.”
Indeed, compliance is an ever-evolving, constant challenge that all operators in the global gambling industry must face on a day-to-day basis.
Recent regulatory compliance-related news from Holland alone has seen the nation’s regulator (KSA) issue multiple warnings over advertising violations, release a new Supervisory Agenda, impose an order against an illegal bingo operator, fine Alimaniere €1.1m ($1.13m) for illegal gambling operations and implement a new fine policy for 2025 – all within the last three weeks.
Good to know: Tjärnström stepped down as Kindred CEO in May 2023 after nearly 14 years in the position
Presently, Kindred Group is in a phase of corporate transition, following FDJ’s acquisition of a little over 90% of the company’s shares in early October 2024, as part of a €2.5bn deal.
The announcement of this acquisition was closely followed by an executive reshuffle that saw a number of board resignations and reappointments take place later in the month.
Nevertheless, the group’s Q3 results revealed a 4% revenue rise year-on-year, juxtaposed by a decrease in profits.
