To support further development of its Scout data aggregation and reporting platform, Synalogik has completed a Series A funding round of £3 million.
Several key investors have been involved in the capital raise, including Bill Currie, founder of retail, e-commerce and tech investment fund the William Currie Group and Sir Terry Leahy, former CEO of Tesco.
Additionally, the round has seen Mark Blandford increase his stake in the company, whilst Synaloik has detailed its ambition to leverage the £3 million to scale the Scout solution across various markets and territories, as well as to expedite the launch of additional solutions.
In particular, the company aims to widen the application of its data aggregation, risk identification and decision intelligence capabilities that have been in development over the past 18 months.
Gareth Mussell, CEO at Synalogik, remarked: “The data landscape is exploding, organisations have unprecedented opportunities to make intelligent decisions based upon the data within their ecosystem or immediately available to them. 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.
“Scout has been developed to overcome these challenges and it’s great to see that the potential for the business and our growing suite of solutions has been recognised by high profile investors such as Sir Terry Leahy, Bill Currie and Mark Blandford.”
Functioning as a data aggregation and reporting platform, Scout allows online gambling operators to streamline customer profiling checks for anti-money laundering and affordability for improved compliance.
Synalogik, providing the solution to tier one operators including Entain and Betway, will also invest in its people, research and development with plans to double the size of its engineering team and enhance its dedicated customer support department over the coming months.
“Compliance is now the number one priority for operators in regulated markets such as the UK and in Synalogik and Scout they have the best team and solution to streamline know your customer, enhanced due diligence and affordability checks,” Blandford remarked.
“Not only that, but Scout allows them to maximise efficiency, make decisions faster, increase retention and improve analyst decisions.”
Mussell concluded: “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 was founded by a group of former police officers, barristers and members of the intelligence community who were said to be “frustrated by the inefficiency of manually aggregating data from disparate sources”.
The firm offers its Scout platform as a way for organisations to automate data aggregation from multiple disparate sources, identify risk and report findings in seconds. Furthermore, Scout supports users with regulatory compliance, affordability, anti-money laundering and fraud investigation.
Commenting on his participation in the funding round, Currie said: “Synalogik displayed real vision in their plans for utilising data aggregation and enabling businesses to get access and assess data more cost-effectively, we believe we are investing in a really exciting company.”
Sir Leahy added: “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.”