Fintech investor Bill Foley’s Cannae Holdings leads $244m funding round as Sightline becomes first Nevada-based fintech unicorn
Las Vegas-based Sightline Payments has completed a $244 million funding round valuing the fintech at more than $1 billion.
This latest funding round makes Sightline the US State of Nevada’s first fintech unicorn.
Fintech investor Bill Foley’s Cannae Holdings led the funding round, which included existing investors Genting Group, Point Break Capital Management, and founding investor Walter Kortschak.
Sightline was founded more than a decade ago by Omer Sattar, Tom Sears, and Kirk Sanford to give consumers a way to safely and securely fund their online gaming experience, starting with the US State of New Jersey’s launch of online gaming in 2013.
The fintech says it has helped power the exponential growth of sports betting in the US 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.
Sattar comments: “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 have 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.”
Second funding round of 2021
This $244 million round is Sightline’s second round in 2021. The fintech closed an earlier $100 million funding round in April, which also included an investment from Searchlight Capital Partners.
Building on Sightline’s growth in the gaming and hospitality sectors, the fintech recently acquired JOINGO, the casino gaming industry’s top mobile engagement and loyalty platform.
Cannae Holdings chairman William P Foley II says: “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.”
Joe Pappano, chief executive officer of Sightline, says the fintech will use the new funding “to execute our vision of transforming payments in the casino gaming and hospitality industry”.