Searchlight Capital Partners, a multinational private investment company with more than $8 billion in assets under management, has secured a strategic investment for Sightline Payments, a financial services provider to the sports betting, gaming and lottery markets. The transaction creates a $525m post-money value for the company.
Sightline, which represents many of the top US gaming and entertainment operators, including the top 10 sports betting and gaming operators, said it is poised for rapid growth with 60+ live programmes in 39 states.
With almost 1.5 million registered accounts, Play+, Sightline’s flagship solution for seamless and stable pay-and-play, is a cashless mechanism for users to safely and easily store cash and finance their entertainment on gaming apps, on the gaming floor, and on sports channels with immediate access to their cash, anytime, anywhere, all from a smartphone.
Customers can also use their Play+ account at restaurants, retail or e-commerce outlets for purchases and can make ATM withdrawals to quickly access their funds while gaining valuable loyalty benefits.
Given the accelerating demand from consumers for digital payments and cashless integration, the Play+ solution has proven especially valuable to operators and customers. Demand for cashless payments has not only gained enormous traction in integrated resorts, but sports betting is burgeoning.
Sightline Payments co-founder and CEO Kirk Sanford announced his retirement and resignation from the company’s board at the same time as the funding announcement. As CEO and Director of the venture, Sightline President of the Americas, Joe Pappano, a 30-year veteran of the FinTech, payments and gaming industry, has been named.
Sanford Explained: “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.
“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.”
Co-founders Tom Sears (COO) and Omer Sattar (EVP Strategy) said in a statement: “Kirk has been an exceptional visionary and during his tenure grew the company into a leader in the FinTech industry.
“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.”
Christopher Cruz, Managing Director at Searchlight, added: “The company (Sightline) 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.”