Sightline Payments raises $244 million, enters unicorn league
By Edlyn Cardoza
Sightline Payments recently announced the completion of a $244 million round valuing the company at over $1 billion. With this capital raise, Sightline becomes Nevada’s first FinTech unicorn – one of roughly 700 startups worldwide to ever earn a $1 billion+ valuation as a private company.
In addition to Cannae Holdings, this funding round included existing investors like Genting Group, Point Break Capital Management, and founding investor Walter Kortschak.
Gaming is America’s last cash-centric businesses, with hundreds of billions of dollars running through casinos annually. Sightline Payments was founded over a decade ago by Omer Sattar, Tom Sears, and Kirk Sanford to give consumers a way to fund their online gaming experience, starting with New Jersey’s launch of online gaming in 2013.
Sightline Co-founder Omer Sattar said, “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.”
“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,” said Cannae Holdings Chairman William P. Foley II. “I look forward to helping Sightline continue their tremendous growth.”
Sightline CEO Joe Pappano said in a statement that, “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 round is Sightline’s second round in 2021. Sightline closed an earlier $100 million funding round in April, which also included an investment by Searchlight Capital Partners. Building upon Sightline’s growth in the gaming and hospitality sectors, Sightline recently acquired JOINGO, the casino gaming industry’s top mobile engagement and loyalty platform.