Sightline Payments Thursday announced a strategic investment from J.P. Morgan Payments, completing a funding round.
As part of the 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,” said Sightline Co-founder and Co-CEO Omer Sattar in a statement. “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,”
According to its 2021 annual report, J.P. Morgan Payments includes the company’s treasury serves, trade finance, and card and merchant services. In September 2022, J.P. Morgan acquired Renovite Technologies, a cloud-native payments technology company to help J.P. Morgan Payments “build its next-generation merchant acquiring platform, bolster the firm’s payments modernization strategy and support its journey to the cloud,” according to a press release.
“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,” said J.P. Morgan Payments Head of eCommerce and Marketplaces Sanjay Saraf. “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.”
Earlier this year, J.P. Morgan Payments became the primary merchant acquirer for Sightline’s Play+ ecosystem.
This investment round is Sightline’s first in 2022 after two funding rounds in 2021 led by William Foley’s Cannae Holdings and Searchlight Capital Partners.