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Open Banking

Writer's picture: Gambling IQGambling IQ

From the digital hubs of Stockholm and London to the bustling scene in Singapore, and the proven pedigree of fabulous Las Vegas, Gambling IQ traverses the globe to spotlight the premier Open Banking enabled Payments engines in the gambling industry. The top 4 vendors are notable for merging PIS (Payment Initiation Services) and AIS (Account Information Services) to create a secure, affordable, and efficient payment landscape for players and iGaming operators alike. Selecting vendors can be challenging. Here, GamblingIQ provides the definitive guide to the top ten companies in this space and explains why they offer potential positive change with their technologies, investors, company objectives, market penetration, and innovation leadership at the management level.


Download the Gambling IQ new engine payments report here:

 
  1. Trustly

    In its 15-year history as an Open Banking trailblazer, Swedish company Trustly stands out as the foremost provider of account-to-account payments in iGaming. The Stockholm-headquartered firm recently unveiled Azura, an advanced data engine promising a more personalised payment experience, already live in 8 of its markets. The company owns and manages its entire infrastructure, leading to unmatched uptime and reliability. Trustly's dominance is evident in strategic manoeuvres orchestrated by its adept management team. Recent key developments include the €70 million acquisition of French fintech SlimPay in January this year; a partnership with BNY Mellon to launch Bankify in September 2023, an expansion into the Netherlands with the industry-defining player onboarding flow Pay N Play, and a substantial deal with crypto giant Coinbase, marking the firm’s entry into Canada. While a USD$9 billion flotation was postponed in 2021, market speculation hints at Trustly eyeing an IPO in 2025. With a global workforce of over 900 employees, the company is projected to report revenues of around $250 million for 2023.


 
2. TrueLayer

Founded in 2016 by Italian duo Francesco Simoneschi & Luca Martinetti, the London-based unicorn commands over 30% of Open Banking traffic in the UK. Clients include global brands and industry leaders such as Flutter and William Hill, who partnered with TrueLayer to offer instant pay-ins and payouts in November 2023. The company also offers solutions through major iGaming platforms such as Bragg Group; other partners include PaymentIQ and Nuvei. The company has 95% bank coverage in the UK, Ireland, Finland, Netherlands and further afield, while it continues to deliver exceptional performance in transaction monitoring, encompassing security, risk management and fraud detection. In December 2023, it announced its collaboration with Lunar in order to optimise the overall payment landscape in the regions of Sweden, Denmark, and Norway. Now with a global workforce, it has completed several funding rounds amassing an impressive USD$271 million, attracting notable investors such as Connect Ventures, Anthemis Group, Northzone, Tencent, Temasek, Tiger Global and Stripe.


 
  1. Plaid

    Valued at around $13 billion, Plaid was founded by William Hockey and Zach Perret in 2013, and encompasses 12,000+ institutions and fintechs. Remarkably, 1 in 3 US consumers with a bank account has utilised Plaid, which connects to over 2,300 banks in Europe. It serves fintech companies and developers in 31 European countries. Currently, more than 8,000+ companies including PokerStars, Coinbase, Kraken, and Square rely on Plaid to streamline customer connections and payments from current accounts. With offices spanning London, Amsterdam, San Francisco, New York, Salt Lake City, and Toronto, and a workforce of over 1,250 employees, it stands as a global Open Banking powerhouse. The company has secured $735 million in venture funding from the likes of Goldman Sachs, Citi Ventures, American Express Ventures, Mastercard, and Visa. Notable technology partners include Unit, Sila, Dwolla, Marqeta, Checkout, Nuvei, and Mollie with distribution channels in Fintech Sandbox, MaRs and IBM.


Email:     zlambert@plaid.com

 
4. Paysafe / Skrill

Paysafe’s 'Pay by Bank' proposition is built with online gambling in mind. As a Paysafe product, it ensures swift, secure, and hassle-free transactions for both merchants and customers. The challenge for medium to small iGaming operators is pinpointing the appropriate assistance in this huge conglomerate. Still, Paysafe’s solution empowers merchants to offer seamless online payment experiences, integrating with more than 200 banks across Europe. Paysafe has also upgraded the Skrill digital wallet and supports instant deposits and fast payout speeds. It has also unveiled a U.S. VIP player programme for the upgraded Skrill wallet, which enables higher payment volumes for qualified VIP players, strengthening operators’ engagement with the coveted VIP segment. With more than 20 years of experience, an annual transaction volume of over $130 billion, and approximately 3,300 employees located in 12+ countries, Paysafe connects business and consumers across more than 100 payment types in over 40 currencies. Impressively, it has seen over $1.5 billion in wallet deposits.


Email:      sanna.raza@paysafe.com

 
  1. MiFINITY

    Now the iGaming industry's fastest-growing payment service provider, MiFINITY holds dual licenses enabling its services in 225 countries and territories. It has achieved remarkable global expansion over the past 12 months. Introducing an instant bank transfer service, powered by the Volt platform, the company is positioned to thrive in the increasingly competitive gambling industry. MiFINITY Affiliates, offering up to 35% revenue commission, has emerged as a notable success in attracting numerous brands. In January 2024, the company surpassed 750,000 active customer accounts, mostly iGaming. This substantial increase in customer sign-ups is linked to the MiFINITY eWallet, known for its smooth and fast payment process. The company is universally recognised as one of the best Cross-Border Payments services in the world, with PayAnyBank now servicing 128 Countries. Its global iGaming customers use the Wallet at any of the MiFINITY merchants' sites, currently over 650 live brands. Additionally, they can also send money to almost anywhere globally with instant eWallet to eWallet transfers and via money transfer. Players can also purchase MiFINITY eVouchers from a vast network of global online distributors.


Email:      pgent@mifinity.com

 
6. GoCardless

The fiscal year ending June 2023 will likely see GoCardless' revenue reaching over $100 million. It will be interesting to learn if the firm has effectively managed its losses after shedding $7.78 million in the 12 months to June 2022. The Alphabet-backed London-headquartered unicorn cut 135 roles last summer, but maintains a similar headcount to Trustly, boasting a total workforce of about 800. In its most recent Series G funding round in February 2022, the payments firm raised $312 million, securing a $2.1 billion valuation. Word on the street is that GoCardless will now enter the profitable iGaming market in a serious way, and with backers like GV, BlackRock, and Permira, it commands respect. Founded in 2011 by Hiroki Takeuchi, Monzo co-founder Tom Blomfield, and Matt Robinson, the company currently processes over $35 billion in payments across 30 countries. Following the acquisition of Nordigen in July 2022, it has successfully merged Payment Initiation Service (PIS) and Account Information Service (AIS).

 
  1. Brankas

    Brankas is the leading Open Finance technology provider in Southeast Asiaand is headed for substantial growth as the iGaming market opens up in the Philippines, Thailand and Vietnam. Founded in 2016 by Todd Schweitzer and Kenneth Shaw, it is experiencing a year-over-year growth rate of 300%. Now with over 100 employees, the company last raised USD$20 million in Series B funding from Visa, Insignia Ventures Partners, Beenext, Integra Partners, AFG Partners, and Treasury International. Brankas recently acquired both the Payment Service Provider (PJP) Category 3 License from Bank Indonesia and the Operator of Payment Systems (OPS) Registration from the Bangko Sentral ng Pilipinas (BSP).

 
8. Praxis Tech

Cyprus-based fintech Praxis Tech launched in 2014 with its flagship product - Cashier. With over 650 supported brands and 200+ active clients, Gambling IQ understands the company surpassed $4 billion in approved transaction volume in 2023. Notably, Praxis Tech recently collaborated with game developer SoftGamings, providing operators with Merchant Initiated Transaction (MIT) capabilities and other innovative features. MIT enables One-Click Payments and introduces a decline recovery protocol, ensuring operators can recuperate lost revenue from declined transactions. SoftGamings’ operators gain access to Praxis’ extensive suite of pre-integrated Payment Service Providers (PSPs), totaling over 525 solutions. Praxis' integration with Nuapay's proprietary Open Banking technology and instant cardless payment solutions is now accessible to all European customers.

 
  1. Sightline Pay

    The Las Vegas outfit is rumoured to be muscling in on the UK markets in the second half of 2024 and has the experience to make an impact. A leading provider of next-generation commerce solutions, Sightline delivers cashless, mobile and omnichannel custom commerce programs to almost 200 gaming resort operators, state lotteries, digital gaming and sports betting sites across 40+ states in the U.S. Sightline customers include MGM Resorts, Caesars Resorts, and Hard Rock Hotel and Casino; the Oregon and Pennsylvania state lotteries; Churchill Downs; as well as Golden Nugget online; and DraftKings, FanDuel, William Hill, and Rush Street sports, among others. Just over one year ago, J.P. Morgan invested in Sightline for an integrated omnichannel solution, with representatives from the bank stating that industry-specific contextual software is critical to powering any payments ecosystem to create an engaging consumer experience.

 
10. Tink

In 2021, Visa acquired Tink, a Swedish-founded fintech, for $2.1 billion. Boasting over 6,000 connections to banks across 19 European markets, Tink is a payment services and data enrichment platform. The company specialises in account-to- account payments, onboarding new users, and creating engaging money management tools, including data solutions that support customers' income, affordability, and risk decision processes, facilitating swift and accurate digital customer flows. Leveraging features like Income Check and Expense Check, Tink enhances and categorises transaction data, empowering its customers to establish reasonable limits based on past financial behaviour. Additionally, Tink's Balance Check product offers up-to-date insight into users' current available balances.

 

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