Dublin based betting software group Banach Technology, has revealed that it has been given an amount of €2.2 million in enterprise funding from investors, two of whom had helped found the Paddy Power betting group.
The co-founders of Paddy Power, David Power and Steward Kenny invested amounts of €200,000 and €100,000 each while a number of other former Paddy Power executives also invested in the company. Former Chief Executive Officer Patrick Kennedy, Chief Financial Officer Cormac McCarthy and Australian head Cormac Barry bought equity in the company as well.
The funding will be used by Banach to help enhance its developmental products as well as hire staff members, development specialists, primary engineers and mathematicians and revolutionize betting accumulator pricing and data, simplifying multi-bet market complexities for its B2C customers, which include Paddy Power Betfair, Coral, Ladbrokes and BetBright.
Banach are builders of sports betting platforms that give punters an opportunity to build bets on a number of different sports. There are over 80,000 events covered by the company’s platform each year.
The company has worked with GVC Holdings, Ladbrokes Coral and Paddy Power Betfair. The Executive Team at Banach currently includes Mark Hughes, Alex Zevenbergen and Hadrien Lepretre, who were all employed by Paddy Power in the past.
According to Banach they have developed technology that will revolutionize and automate the same game multiples process with their technology empowering customers in structuring a personalized bet that consists of correlated same game multiples. Banach also revealed that its products facilitate greater customer engagement, enhanced customer experience and improved operator margin across all channels.