LAS VEGAS--(BUSINESS WIRE)--Cannae Holdings, Inc. (NYSE:CNNE) (“Cannae”) today announced a $32 million investment in Sightline Payments, a dynamic fintech company that is enabling the next generation of cashless, mobile and omni-channel payment solutions for the gaming, lottery, sports betting, entertainment and hospitality ecosystems, as part of a completed $100 million funding round.
William P. Foley II, Chairman of Cannae commented, “Sightline Payments’ seasoned leadership team has a proven track record and a vision to capitalize on many of the highest growth sectors in the entertainment industry, and I look forward to working side-by-side with them to achieve their goals.”
In addition to the approximately $32 million investment from Cannae, strategic investors in Sightline Payments include Searchlight Capital Partners, Point Break Capital, Shift4 Ventures, Genting Group, and Vectr Ventures.
Over the past 12 months, consumer interest in online sports wagering and iGaming has grown rapidly, in part due to the expansion of legalized mobile gaming opportunities in many states across the United States. Payments companies like Sightline have helped sports betting grow by nearly 70% and iGaming by nearly 200% in 2020. The combined online sports betting and online casino market is projected to grow from $3 billion in 2020 to $22 billion by 2026.
The safety, security, and convenience of use within digital gaming channels has triggered a massive increase in consumer interest and casino operator demand for cashless digital payment technologies, generating tremendous sales growth for Sightline Payments solutions. Casino-based gaming is a $90 billion revenue market, serving over 100 million customers annually.
Play+ is Sightline’s flagship solution for seamless and secure pay-and-play with more than 1.5 million enrolled accounts. Play+ is the leading cashless mechanism for users to safely and easily store money and fund their entertainment online, on the gaming floor, and on sports betting platforms with instant access to their money. The Play+ solution has proven valuable to operators and customers given the accelerating demand for digital payments and cashless integration.
About Cannae Holdings, Inc.
Cannae Holdings, Inc. (NYSE:CNNE) is engaged in actively managing and operating a group of companies and investments, as well as making additional majority and minority equity portfolio investments in businesses, in order to achieve superior financial performance and maximize the value of these assets. Cannae was founded and is led by investor William P. Foley, II. Foley is responsible for the creation and growth of over $140 Billion in publicly traded companies including Fidelity National Information Services (“FIS”), Fidelity National Financial (“FNF”), and Black Knight, Inc. (“BKI”). Cannae’s current principal holdings include Dun & Bradstreet Holdings, Inc. (“DNB”), which recently completed a successful business transformation and IPO. Cannae holds approximately 76.6 Million shares of Dun & Bradstreet, equating to ~18% interest. Cannae’s second principal holding is Ceridian (“CDAY”), which Foley transformed from a legacy payroll bureau into a leading cloud-based provider of human capital management software. Cannae owns 14 Million shares of Ceridian, representing an approximately 9.5% interest. Cannae also holds approximately 54.3 Million shares, or ~7.5% of Paysafe (“PFSE”), as well as 8.1 Million Paysafe warrants.
About Sightline Payments
Sightline Payments (“Sightline” or the “Company”), is a dynamic Financial Technology (FinTech) company that is enabling the next generation of cashless, mobile and omni-channel payment solutions for the gaming, lottery, sports betting, entertainment and hospitality ecosystems. The Company has more than 1.5 million enrolled Play+ accounts across its current portfolio of more than 70 programs in 39 States, and is poised to build on this presence, commensurate with the expansion visible in the underlying markets it serves. One of the key segments the Company serves is online gaming (both sports betting and iGaming), which is expected to build from $3 billion in total revenue to $22 billion over the next five years. In addition, the Company’s digital payment solutions directly address the wider gaming industry’s opportunity to transform traditional gaming floors into cashless ecosystems, a $90 billion revenue market serving over 100 million customers annually. Sightline is based in Las Vegas, Nevada. Learn more at https://sightlinepayments.com.