Fintech company Sightline Payments, which provides cashless solutions for lottery operators, has announced the completion of a $244m round valuing the company at over $1bn. Reaching the milestone also makes it Nevada’s first fintech firm to be valued at $1bn.
Cannae Holdings were the biggest providers in the funding round, which also included existing investors Genting Group, Point Break Capital Management, and founding investor Walter Kortschak. Latham & Watkins LLP served as Sightline’s legal counsel in connection with the round, with a team led by M&A partner David Beller.
Sightline Co-founder Omer Sattar commented: “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 stated: “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.”
The $244m round is Sightline’s second in 2021 after the company closed an earlier $100m funding round in April, which also included an investment by Searchlight Capital Partners.
Sightline also recently acquired JOINGO, a mobile engagement and loyalty platform for the casino gaming industry.
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.”