Sightline Payments revealed, earlier this week, the completion of a $244 million round valuing the firm at more than $1 billion. With this capital injection, Sightline becomes Nevada’s very first Fintech Unicorn—one of almost 700 startups globally to be valued at $1 billion+ as a private company.
In addition to Cannae Holdings, this round included existing investors Genting Group, Point Break Capital Management, and founding investor Walter Kortschak.
As mentioned in a release, gaming is one of America’s last “cash-centric” businesses, with hundreds of billions of dollars “running through casinos annually.” Sightline Payments was established around 10 years back by Omer Sattar, Tom Sears, and Kirk Sanford to give clients a way to securely fund their online gaming experience, beginning with New Jersey’s introduction of online gaming back in 2013.
Sightline has helped with powering the steady growth of sports betting after the Supreme Court overturned the Federal ban in 2018 and continues “to lead the industry in innovation by launching cashless gaming in brick-and-mortar casinos.”
Sightline Co-founder Omer Sattar
“Sightline has continuously risen to meet the changing needs of the casino gaming industry. As we strive to help lead the digital transformation of the patron experience in our vertical, we are humbled to become Nevada’s first FinTech unicorn. Financial Services has historically not embraced the legal, regulated gaming industry, but thanks to the innovations Sightline has fostered in the market, gaming is clearly poised for an omni-channel cashless revolution.”
Cannae Holdings Chairman William P. Foley II remarked:
“After seeing Sightline’s groundbreaking technology firsthand at the recent launch of Resorts World Las Vegas, I am more bullish than ever about Sightline’s ability to be at the forefront of the digital transformation afoot in the North American gaming, sports, and entertainment ecosystem. I look forward to helping Sightline continue their tremendous growth.”
Sightline CEO Joe Pappano added:
“The Sightline team has reached new heights to provide innovative solutions to drive our industry forward. Our investors’ continued faith in our business will enable us to execute our vision of transforming payments in the casino gaming and hospitality industry.”
This $244 million raise is Sightline’s second investment round this year. The company had finalized an earlier $100 million fundraise in April of this year, which also included an investment by Searchlight Capital Partners.
Building upon its strong growth in the gaming and hospitality verticals, Sightline recently acquired JOINGO, the casino gaming industry’s leading mobile engagement and loyalty platform.
Latham & Watkins LLP acted as legal counsel to Sightline “in connection with the round, with a team led by M&A partner David Beller.”