Sightline Becomes Nevada’s First Fintech Unicorn, with $1B Valuation
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Sightline Becomes Nevada’s First Fintech Unicorn, with $1B Valuation

Sightline Becomes Nevada’s First Fintech Unicorn, with $1B Valuation

Sightline Payments has completed a $244 million financing round, which puts the company’s value at more than $1 billion. 

With the latest capital raise, Sightline becomes Nevada's first fintech unicorn — one of roughly 700 startups worldwide to earn $1 billion or more valuation as a private company, a statement said.

The funding round was led by Cannae Holdings, with participation from existing investors Genting Group, Point Break Capital Management, and founding investor Walter Kortschak.

 

Innovative solutions

Sightline Payments, which offers tools for gamers to securely fund their online gaming experience, plans to use the money to expand operations and its business reach.

Sightline co-founder, Omer Sattar, said they were “humbled” to become Nevada’s first fintech unicorn. Sattar said the company had continuously risen to meet the changing needs of the casino gaming industry. 

"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," Sattar said

Sightline CEO, Joe Pappano, said his team had reached new heights to provide innovative solutions to the gaming industry.

This round is Sightline’s second round in 2021. In April, Sightline closed a $100m funding round,  which included participation by Searchlight Capital Partners. 

Cannae Holdings Chairman William P. Foley II said: "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.”

 

COVID-19 silver lining

While the COVID-19 pandemic has been brutal on the gaming industry, it has also provided growth opportunities for companies like Sightline.

The Casino.org platform reported that investor enthusiasm in companies like Sightline comes as more brick-and-mortar casinos are embracing cashless gaming in the wake of the coronavirus pandemic. Such companies have helped reduce the use of cash in casinos and this is seen as a healthy alternative in light of the pandemic.

Taking advantage of this growth in the iGaming industry and the hospitality sector, Sightline recently acquired JOINGO, the casino gaming industry’s top mobile engagement and loyalty platform.

JOINGO serves more than 100 casino operators across North America and is the only app solution focused exclusively on the casino gaming industry. JOINGO’s patented mobile loyalty platform allows casino brands to reach their mobile users with highly personalized and interactive mobile marketing campaigns that drive increased reach, loyalty, and revenue.

The acquisition provides Sightline the ability to offer casino customers a turnkey cashless gaming solution as well as a broader suite of products to help North American casinos enhance loyalty and personalization for customers, and drive increased visitation and loyalty for properties, a statement said.

Now, the expectation is that Sightline will be going for an IPO, although the company is yet to say when and if this will happen.


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