US – Sightline gets strategic investment from JP MorganBy Phil - 24 October 2022
Sightline Payments, a leading FinTech specializing in payments technology for the regulated gaming industry, has announced the completion of a funding round following a strategic investment from J.P. Morgan Payments.
As part of this deal, Sightline will work with J.P. Morgan Payments to develop an integrated omnichannel solution for resort and online gaming companies, serving the resort, entertainment, and lodging ecosystem.
“A gaming patron’s money should be safe, secure, and should follow that patron effortlessly through their digital and brick & mortar lifecycle. We are confident that a strategic relationship with J.P. Morgan Payments will allow us to deliver a unique mobile user experience for those gaming industry patrons and power the digital transformation for gaming operators,” said Sightline Co-founder and Co-CEO Omer Sattar.
“We believe that industry-specific contextual software is critical to powering any payments ecosystem to create a unique, engaging consumer experience and also to transform the revenue potential for merchants. This investment serves as one part of a multi-channel payments strategy J.P. Morgan Payments will be launching in the gaming and resort space in the coming months. Maintaining a safe gaming industry is a priority for us, and Sightline has created an impressive software platform highly tailored to the needs of the gaming and resort ecosystem. We are excited to work with Sightline to unlock the digitization potential in enabling highly contextualized payments for the gaming and resort industry,” said Sanjay Saraf, Head of eCommerce and Marketplaces at J.P. Morgan Payments.
Sightline’s flagship Play+ product enables consumers to safely access gaming and entertainment in nearly every regulated digital gaming company in the United States. In 2021, Sightline expanded its Play+ offering to support cashless gaming at casinos with launches at Boyd Gaming and Resorts World Las Vegas. The Play+ cashless offering enables players to place their funds in a secure account, giving them access to their funds anywhere, anytime while also earning loyalty for all of their spending. It also enables consumers to use their funds with more than 80 partners in 40+ states across the sports betting, lottery, horse racing, and online and brick-and-mortar casino markets.
Earlier this year, J.P. Morgan Payments announced it would become the primary merchant acquirer for Sightline’s Play+ ecosystem.
This investment round is Sightline’s first in 2022. It follows two funding rounds in 2021, which were led by William Foley’s Cannae Holdings and Searchlight Capital Partners.