Benzinga | Apr 1, 2021 06:48AM EDT

Cannae Holdings Announces $32M Investment in Sightline Payments as Part of $100M Strategic Growth Investment

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.