Sightline Payments Raises $244 million in latest fund raise
Sightline Payments, the payment platform that focuses on gaming, has announced that it has raised $244 million in its latest round of funding which now values the company at over $1 billion.
The latest round of funding was lead by Cannae Holdings and other investors included Genting Group, Point Break Capital Management, and others as well. With the payments industry getting crowded over the last few months, we are seeing that some of the payment platforms have started diversifying into specific niches to survive the competition. The platform is said to help users safely and securely fund their online gaming activity.
“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,” said Sightline Co-founder Omer Sattar. “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 omnichannel cashless revolution.”
The company has been one of the main platforms for the online gaming and betting industry in the US for a long and it also drives many mobile apps in the business. With this industry continuing its upward trajectory, the associated payments platform is also expected to enjoy good patronage which explains the massive investments into the company over the last few months. It had another round of investment of $100 million in April. The company had used these funds to acquire Joingo which is one of the leading loyalty platforms in the industry.
The company is expected to use these new funds to upgrade the platform and also grow its presence across several regions. The betting and gaming industry is present in many other regions beyond the US and the company might be eyeing other markets in the future for which these fundraises would be useful.
The company is reported to have over 1.5 million accounts and over 70 partners in the online gaming and casino industry with several offline partners as well. The casino business has generally been cash-centric so far and the company wants to change that by pushing in digital payments and encouraging the use of mobile apps for payments and assuring the users and the casinos of prompt, regular, safe, and secure payment handling.