27.02.2024

by Mateusz Mazur

ClearStake Secures Major Funding to Revolutionize Financial Compliance

ClearStake, a pioneering entity in the realm of smart financial data requests, has recently announced the successful closure of a multi-million-dollar funding round.

ClearStake's Open Banking Technology Enhances Player Retention and Approval Rates iGamingExpress

This significant financial infusion is set to catalyze the company’s expansion efforts and bolster its mission to mitigate player dropout rates during financial information sharing processes—an issue that has long plagued the gambling industry.

Transforming Compliance Through Innovation

Leveraging the power of Open Banking technology and tailored specifically for the gambling sector, ClearStake’s platform is redefining the approach to compliance.

By streamlining what traditionally could be a time-consuming process into a matter of minutes, the solution not only reduces operational costs for operators but also significantly enhances player willingness to share necessary financial data for approval purposes.

Early adopters of the technology have reported a remarkable upsurge in player retention, with figures soaring up to sixfold when financial data requests are initiated.

Garnering Industry-Wide Support

The credibility and potential of ClearStake have been underscored by the backing from a consortium of industry veterans. The latest funding round attracted a diverse group of investors, including high-profile executives from leading brands like Flutter, Paddy Power, PointsBet, Stats Perform, and EML Payments.

This broad base of support reflects the industry’s recognition of ClearStake’s value proposition and its transformative impact on compliance and player experience.

In an era where affordability and anti-money laundering (AML) checks are increasingly stringent across various jurisdictions, ClearStake offers a seamless and efficient solution for operators. The platform’s ease of integration and operation makes it an attractive option for both mid-sized and major operators striving to minimize friction in the compliance process. With the gambling industry’s landscape evolving rapidly, the demand for efficient and player-friendly compliance solutions like ClearStake has reached unprecedented levels.

Eyeing Global Expansion

Buoyed by the latest funding round and the demonstrated efficacy of its technology, ClearStake is poised for a significant growth phase. The company is not only focused on enhancing its product offerings but is also exploring international markets to cement its position as the preferred financial data request provider for the gambling sector.

Martin Burt, CEO of ClearStake, expressed his enthusiasm about the recent developments, stating, “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.”

Our Comment on the Article

ClearStake’s recent funding success is a testament to the company’s innovative approach to addressing a critical pain point in the gambling industry. By enhancing the efficiency and user-friendliness of financial compliance processes, ClearStake is not only elevating the operator-player relationship but also setting a new standard for regulatory adherence in the sector. As the company embarks on its next phase of growth and international expansion, the industry will undoubtedly watch closely, anticipating the broader impacts of ClearStake’s solutions on global gaming compliance practices.

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