Industry leaders back ClearStake’s £1.5m funding round as demand grows for frictionless player verification and affordability tools in the UK gambling market.
Industry consultant Paul Myatt has confirmed his new role as investor and commercial advisor to ClearStake, the UK-based verification platform developing streamlined identity, affordability, and source-of-funds solutions for gambling operators. Myatt cited the company’s flagship product, ID by Bank, as a critical response to escalating operational hurdles within the UK market, where strict regulatory requirements continue to increase onboarding complexity.
In his announcement, Myatt noted that UK gambling operators face player registration failure rates ranging from 15% to 25% due to traditional identity checks that require customers to upload physical documents. These friction-heavy processes cause significant abandonment during sign-up, undermining customer acquisition efforts and diminishing the return on marketing spend.
ClearStake’s ID by Bank technology addresses this challenge by enabling players to verify their identity instantly through their banking app. The approach removes the need for document submission, accelerates verification, and eliminates manual checks that create bottlenecks in customer onboarding. Early deployment has demonstrated a notable performance uplift, converting approximately 16% of previously failed registrations into depositing customers.
MrQ is among the first operators to implement the solution. Savvas Fellas, CEO of MrQ, praised the impact: “ClearStake’s ID by Bank has delivered real value quickly. The solution is progressive, responsive to our business needs and already driving material uplift. And with UK tax rising to 40%, technology like this will be critical for any operator that wants to remain competitive.”
ClearStake’s momentum follows the completion of a £1.5m funding round in November. The investment was backed by a roster of prominent industry figures including Michael Brady (Bede Gaming and Conexus), Max Wright (White Hat Gaming), Ben Clemes (formerly GiG and HappyHour), David Flynn (Glitnor Group), and Sam Swannell (PointsBet).
The funding will accelerate ID by Bank’s rollout and support ClearStake’s broader suite of affordability and source-of-funds verification solutions. With regulatory scrutiny intensifying and operating margins tightening, Myatt emphasised that data-driven, low-friction verification technologies will become indispensable tools for UK operators seeking sustainable growth.
