Compliance software and advisory company Kinectify announced Tuesday that it has raised a seed round co-led by OpenBet, Acies Investments and the Eastern Band of the Cherokee Indians (EBCI). The strategic investment is set to scale the company’s offering, which is focused on anti-money laundering (AML) in the gaming industry.
"We are excited to partner with such seasoned strategic investors from inside gaming including suppliers and operators with deep expertise like OpenBet, Acies Investments, and EBCI," said Joseph Martin, CEO of Kinectify. "This investment will accelerate our mission to provide an all-in-one solution for gaming risk management."
The seed round also saw participation from Eilers & Krejcik Gaming and a number of “prominent individuals and executives in the gaming industry,” including Seth Schorr, CEO of Fifth Street Gaming; Seth Young, Chief Strategy Officer of Fifth Street Gaming; Quinton Singleton, industry veteran venturer and investor; Lauren Lemmer, Chief Compliance Officer & Head of Operations for Wagr; and the management team at The Strategy Organization.
"EBCI is proud to be participating in Kinectify's latest investment round," said R. Scott Barber, CEO of EBCI Holdings, the commercial gaming arm of the Eastern Band of Cherokee Indians. "Kinectify has been a great partner and we are excited to launch its platform at our Caesars Southern Indiana property and future locations."
Caesars Southern Indiana
"We have been impressed by Kinectify's team and product which fills a long-standing need in the gaming industry," added Jordan Levin, CEO of sportsbook technology and services provider OpenBet. "As the company continues to innovate and change the compliance industry, we're thrilled to partner with them as they capitalize on the sizable market opportunity ahead."
Kinectify is a Las Vegas-based AML risk management technology company. It offers a modern platform that “empowers clients in the gaming industry to efficiently manage their risk with real-time intelligence so they can focus on growing their businesses and not be bogged down by compliance concerns,” the firm says.
Additionally, Kinectify offers advisory services “that enhance customers’ capacity” with experts who can design and test programs, help meet compliance deadlines, and even allow customers to outsource the day-to-day administration of their compliance programs to the AML firm.
We are pleased to announce we are now members of the Canadian Gaming Association 🎉— Kinectify (@KinectifyAML) August 5, 2022
We are proud to represent the gaming industry’s leading operator and collaborate with the Canadian Gaming Association.
Learn more: https://t.co/r6Bwe7H6kX #aml #CGA #Canadiangaming #igaming pic.twitter.com/VzxP0k8gg9
Edward King, Co-Founding Partner and Co-CIO of Acies, said: "We are excited to partner with Joseph and the Kinectify team who have created an exceptional AML and compliance platform that addresses mission-critical services for both the land-based and mobile gaming ecosystem. We firmly believe Kinectify's position in the market is unique and delivers truly valuable technology to its clients."
Kinectify currently serves gaming operators both in the US and Canada. Its platform “seamlessly integrates all of an organization’s data into a single view and workflow.” Unlike traditional AML software that is limited to individual properties, “Kinectify gives you an enterprise view allowing you to manage compliance across your entire organization.”
Last week, the company became a member of the Canadian Gaming Association. "Paul Burns and his team play a vital role as advocates for gaming in Canada," said Sean Topchi, Director of Business Development for Kinectify. "We look forward to collaborating with the CGA, its members, and Canadian regulators on Compliance and AML challenges that face the industry.”