Synalogik raises £3m+ to scale platform for detecting insurance fraud

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Synalogik has raised more than £3 million of series A funding to scale its software platform for fraud investigation, regulatory compliance and anti-money laundering.

The funding round was led by investors Bill Currie, founder of retail, ecommerce and tech investment fund, the William Currie Group, and Sir Terry Leahy, former chief executive officer of Tesco.

Synalogik’s solution, Scout, enables organisations to automate data aggregation from multiple disparate sources, identify risk and report findings in seconds. It supports users with fraud investigation, regulatory compliance, anti-money laundering requirements.

The company, which was founded in 2018, intends to use the capital to scale Scout across different markets and territories and to expedite the launch of additional solutions that have been in development over the past 18 months.

Synalogik says these solutions will widen the application of its data aggregation, risk identification and decision intelligence capabilities.

The company, whose clients range across insurance, banking, legal, gambling and the public sector, 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.

Gareth Mussell, chief executive officer at Synalogik, commented: “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.”

“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 Mark Blandford, Bill Currie and Sir Terry Leahy, as well as those individuals who have supported us from the beginning.”

“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.”

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.”

“The potential number of industries that can benefit from Scout is truly extraordinary with clear cut value for organisations across not just gambling, insurance, financial services, but also retail and marketing, among others. Their focus on being data agnostic, aggregating from the maximum number of sources, means they are able to give unparalleled insight providing a truly 360-degree view.”

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.”

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Mark Dugdale is the editor of Claims Media. Mark welcomes articles, letters or feedback from readers and can be reached via mark.dugdale@barkerbrooks.co.uk