ClearStake Raises GBP 1.5 Million to Transform Player Verification
BREAKING: UK-based player verification platform ClearStake has just announced a significant funding boost, securing GBP 1.5 million (approximately $1.96 million) to enhance its innovative player verification technology. This new capital, raised from notable investors in the online gaming and fintech sectors, will expedite the launch of ClearStake’s cutting-edge ID by Bank product, allowing gaming operators to verify player identities through their banking apps directly.
This urgent financial injection aims to streamline compliance processes, making them faster and less intrusive for players. Investors backing this round include industry heavyweights like Paddy Power from Flutter and Sam Swannell of PointsBet, indicating a robust interest in the intersection of fintech and gaming. As ClearStake gears up for expansion in the competitive UK market, its solutions will face real-world testing.
ClearStake’s CEO, Martin Burt, highlighted the pressing need for improved customer experiences in light of existing regulatory hurdles. “The investors backing us have built some of the most successful businesses in iGaming and have experienced the challenges of regulatory friction,” Burt stated. He emphasized that the new compliance solution will prioritize a seamless and player-friendly approach, ensuring long-term value for major iGaming operators.
With this funding, ClearStake plans to scale its operations, deepen integrations with leading operators, and enhance its data analytics capabilities. The company is confident that its banking-based verification tools will significantly reduce customer dropout rates during onboarding, a common issue due to complex affordability checks.
This funding announcement follows a successful seven-figure funding round earlier in 2024, which allowed ClearStake to partner with major UK operators like Tombola, MrQ, and Ivy Casino. The company’s technology has already been utilized in multiple UK Gambling Commission audits, with regulators appreciating its transparent and reliable approach.
Recent performance reports from ClearStake revealed that clients leveraging its Open Banking technology experienced substantial cost savings in compliance operations and a notable reduction in onboarding times. This platform enables clients to share authorized financial information in real-time, eliminating the need for traditional, manual submissions of payslips or bank statements. This innovation provides operators with a way to meet the evolving standards set by the UKGC while maintaining a welcoming environment for legitimate players.
As ClearStake continues to attract high-profile investors, it is solidifying its position as a leader in the UK’s compliance technology sector. With impending gambling reforms on the horizon, the ability to balance player protection with seamless customer experiences will be critical in navigating an increasingly complex regulatory landscape.
Stay tuned for further updates on ClearStake’s developments, as this funding marks a pivotal moment in the evolution of player verification technology in the UK.
