Pay-and-play fintech company Sightline Payments, serving gaming and entertainment operators across U.S., has secured capital from Searchlight Capital. The private equity firm recently announced the final close of fund III, with total committed capital of $3.4 billion.
LAS VEGAS, Dec. 09, 2020 (GLOBE NEWSWIRE) — Sightline Payments (“Sightline” or the “Company”), a dynamic Financial Technology (FinTech) company that is enabling the next generation of cashless, mobile and omni-channel commerce solutions for the gaming, lottery, sports betting, entertainment and hospitality ecosystems, today announced a strategic investment from Searchlight Capital Partners (“Searchlight”), a leading global private investment firm with more than $8 billion in assets under management. The transaction establishes a post-money valuation of $525 million for the Company.
Sightline serves many of the premier gaming and entertainment operators in the United States including the top-10 sports betting and gaming operators. The Company is poised for significant growth with 60+ programs live in 39 States. Additionally, sports betting is now legalized in 25 states with ballot initiatives underway in more key markets.
Play+, Sightline’s flagship solution for seamless and secure pay-and-play with nearly 1.5 million enrolled accounts, is the leading cashless mechanism for users to safely and easily store money and fund their entertainment on gaming apps, on the gaming floor, and on sports platforms with instant access to their money, anytime, anywhere – all from a smartphone. Customers can also use their Play+ account for transactions at restaurants, retail or e-commerce outlets, and can make ATM withdrawals to easily access their funds while earning valuable loyalty benefits.
The Play+ solution has proven particularly valuable to operators and customers given accelerating demand from consumers for digital payments and cashless integration. Not only has demand for cashless payments in integrated resorts gained tremendous momentum, but sports betting is burgeoning. Play+ remains the premier choice of patrons moving money in and out for iGaming, mobile sports, horse racing and lotteries – all forms of entertainment that are experiencing significant growth.
Concurrent with today’s announcement, Sightline Payments co-founder and Chief Executive Officer, Kirk Sanford announced his retirement and resignation from the Company’s Board. Sightline President of Americas, Joe Pappano; a 30-year FinTech, payments and gaming industry veteran, has been appointed as Chief Executive Officer and a Director of Sightline.
“Sightline is undergoing an exciting and important transformation and Joe will be an incredible leader, a fierce customer advocate, and is an industry powerhouse. I am confident in his ability to deliver truly phenomenal business performance,” said Kirk Sanford. “I also want to offer my sincere thanks to my incredibly talented colleagues and to the Sightline Board for their guidance and leadership during my tenure. Searchlight is a first-class firm that values and respects those who built the company and whose capital, strategic guidance and operational support will help create considerable long-term value.”
“Kirk has been an exceptional visionary and during his tenure grew the company into a leader in the FinTech industry,” said Sightline Payments co-founders Tom Sears (Chief Operating Officer) and Omer Sattar (EVP Strategy). “Thanks to his many years of hard work, dedication and guidance, Sightline is well-positioned to continue its leadership role in digital payments technologies for the entertainment and gaming ecosystem. The new capital from Searchlight, plus the addition of seasoned and proven executives in key roles will help drive our efforts to be a customer-centric, highly efficient growth company.”
“We have tremendous respect for the work Kirk, Joe and the rest of the management team at Sightline Payments have done over the last 10 years in developing breakthrough innovations in payments technologies,” said Christopher Cruz, Managing Director at Searchlight. “The company is well-positioned to ride the secular trends of consumers’ demand for cashless and digital payments and significant end market expansion. Searchlight is proud to partner with the Sightline management team and co-founders in this investment and to support the acceleration of its growth and innovation.”
About Sightline Payments
Sightline was founded in 2010 and was awarded Deloitte’s prestigious Technology Fast 500TM in 2019. The Company is leading the way in building the first truly cashless ecosystem for the gaming environment with its flagship solution, Play+. Named “Most Innovative Gaming Technology Product of the Year”, Play+ allows consumers a cashless and seamless mobile commerce experience for hospitality and gaming, including online, mobile, on premise slots, table games, and sports. The Play+ digital platform is embraced by integrated casino resorts, sports betting and lottery platforms, including the largest and most well-recognized casino resort and sports betting brands in the world. Sightline is based in Las Vegas, Nevada. Learn more at https://sightlinepayments.com/.
About Searchlight Capital Partners, L.P.
Searchlight is a global private investment firm with over $8 billion in assets under management and offices in New York, London and Toronto. Searchlight seeks to invest in businesses where its long-term capital and strategic support accelerate value creation for all stakeholders. For more information, please visit https://www.searchlightcap.com/.