ClearStake, a premier provider of financial data solutions tailored for the igaming sector, has successfully concluded a substantial investment round in the seven-figure range. This funding will enable the company to enhance its scalability and advance its objective of minimizing customer attrition for igaming operators during financial data verification processes—an ongoing challenge within the industry.
Leveraging Open Banking technology, ClearStake offers an innovative solution designed to streamline compliance processes for igaming businesses, significantly reducing the time and resources required for compliance-related tasks. This technology facilitates a more efficient data-sharing process, encouraging higher participation rates among users and improving their chances of approval. Early implementation results have shown a dramatic increase in user retention, with some operators witnessing up to a sixfold improvement when financial information is requested.
The firm has garnered support from a notable array of investors, including prominent figures and seasoned executives from leading industry brands like Flutter, Paddy Power, PointsBet, Stats Perform, and EML Payments, underscoring the confidence in ClearStake’s potential and strategic direction.
In light of the stringent regulatory requirements for affordability and anti-money laundering (AML) checks across multiple jurisdictions, ClearStake’s platform offers a straightforward, user-friendly solution that expedites these verifications for players. The growing demand for such innovations highlights the industry’s shift towards minimizing operational friction, with both medium-sized and large operators keen on adopting seamless verification mechanisms.
Martin Burt, CEO at ClearStake, said: “We are delighted to have secured additional funding for our journey, which will enable us to deliver our solution to a greater number of operators.
“We are lucky to have an investor group consisting of prominent industry experts who understand the potential of our technology globally and are on board with our vision of solving the challenge of requesting financial data from players.”
