Banach Technology Gets €2.2 Million in Funding

This story was published more than 6 years ago.

Irish betting software group Banach Technology has received €2.2 million in enterprise funding from investors, two of whom helped found the betting group Paddy Power.

Paddy Power co-founders David Power and Stewart Kenny invested €200,000 and €100,000 each, and several other former Paddy Power executives got in on the money. Former CEO Patrick Kennedy, CFO Cormac McCarthy, and Australian head Cormac Barry all also bought equity in the company.

Banach will use the funding to help expand its developmental products as well as hire staff members, primarily engineers, development specialists, and mathematicians. The group builds sportsbetting platforms that allow punters the chance to build bets on a variety of different sports. The company's platform covers more than 80,000 events annually. The company has worked with Ladbrokes Coral, GVC Holdings, and of course, Paddy Power Betfair. Banach's current executive team includes Alex Zevenbergen, Mark Hughes, and Hadrien Lepretre, all of whom worked at Paddy Power in the past.

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Therese Williams // UK Correspondent
Therese Williams
Therese is a fervent fan of slot machines and pub fruities, often trying her luck at some of the top online casinos. She covers news for Casino Listings with a focus on the UK and Europe. Therese studied arts and creative writing at university and has written for newspapers in the UK.
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3 July 2018 - 2:09pm

Apparently Banach is in it's very beginning of an existence as a operator but it seems that most of the Paddy Power managing staff have a strong believe in them as they are ready to invest such amounts as the two co-founders of Paddy and I think they probably know what they're doing.