GBank Financial Holdings Inc. Pleased to Share the Press Release of Sightline Payments Announcing Its $1 Billion+ Valuation

Rhea-AI Summary

GBank Financial Holdings Inc. (OTCQX: GBFH) announced its partnership with Sightline Payments, which recently achieved a $1 billion valuation after raising $244 million. This milestone makes Sightline Nevada's first fintech unicorn. Since 2016, Bank of George, a GBank subsidiary, has provided banking solutions for Sightline, servicing over 700,000 accounts and facilitating over $1.1 billion in transactions. GBank operates with approximately $543 million in assets and provides a range of financial services, positioning itself as a leader in the fintech gaming space.

Positive

• Sightline Payments achieves a $1 billion valuation, enhancing GBank's reputation.
• Partnership with Sightline Payments has transacted over $1.1 billion since 2016.
• Bank of George has approximately $543 million in assets as of June 30, 2021.

Negative

• Risks associated with the ongoing COVID-19 pandemic may impact future operations.
• Possible economic downturns could affect credit risk and operational performance.

LAS VEGAS, Aug. 17, 2021 /PRNewswire/ -- GBank Financial Holdings Inc. ("GBank" or the "Company") (OTCQX: GBFH), the parent company for Bank of George (the "Bank"), is pleased to share the press release by Sightline Payments, a FinTech company specializing in digital payments solutions for the sports betting and casino markets, announcing its completion of a $244 million round valuing the company at over $1 billion.  Per the press release, and with the capital raise, Sightline Payments becomes Nevada's first fintech unicorn – one of roughly 700 startups worldwide to ever earn a $1 billion+ valuation as a private company.

The full press release from Sightline Payments can be found here:

Sightline Payments Announces $1 Billion Valuation

Through its contract with BankCard Services, LLC, Bank of George has been providing the banking solutions for Sightline Payments since 2016.

About BankCard Services, LLC 

BankCard Services, LLC entered into an agreement with Sightline Payments in 2014 to provide Bank of George as a sponsor bank to enable Sightlines Play+ cashless solutions for the gaming industry. Today, the Sightline/BankCard Services, LLC/Bank of George partnership services over 700,000 accounts at Bank of George with over $1.1 billion in transactions since the Play+ sports betting launch in Nevada.

Bank of George, a subsidiary of GBank Financial Holdings Inc (GBFH), and BankCard Services, LLC  also launched the Oregon State Lottery online sports wagering program with SB Tech, World Pay (FIS) and Sightline Payments in 2018 with the development of BankCard Services, LLC's proprietary "Player Information Management System (PIMS)".  PIMS created the Pooled Player Account structure to enable digital cashless transactions.

The Company

GBank Financial Holdings Inc. ("GBank" or the "Company") (GBFH), a bank holding company with approximately $543 million in assets as of June 30, 2021, conducts business through its wholly owned subsidiary, Bank of George (named in honor of George Washington).  Founded in 2007, the Bank operates two full-service commercial branches in Las Vegas, Nevada, with primary lending activities focused on engaging clients in Nevada, California, Utah, and Arizona.  Bank of George has key businesses in three prominent divisions: SBA Lending, FinTech Gaming Division, and Commercial Lending.  The Bank conducts business nationally through its SBA lending activities (ranked 24th in the nation by the U.S. Small Business Administration for SBA 7(a) dollar loan volume through June 30, 2021) and its BankCard Services, LLC ("BCS") partnership.  Launched in 2016, its FinTech Gaming Division is powering Sightline Payments Play+ Solution (https://sightlinepayments.com/) for seamless and secure pay and play that is enabling cashless, mobile commerce solutions for gaming, lottery and sports betting ecosystems – positioning GBank as a financial leader in this new payments world. The Bank also provides general commercial banking services with an emphasis on serving the needs of small- and medium-sized businesses, high net worth individuals, professionals, and investors.  The Bank offers a full complement of consumer deposit products and is focused on delivering a premium level of service.  Bank of George has been recognized every year for each of the past five years by S&P Global Market Intelligence as a top 100 U.S. community bank under $3 billion in assets.  For more information about Bank of George, please visit its website at https://www.bankofgeorge.com. GBank's Common Stock is quoted on the US OTCQX Market under the symbol GBFH.

Forward-looking Statements

GBank has made forward-looking statements in this Press Release. These forward-looking statements are subject to risks and uncertainties. Forward-looking statements include information concerning possible or assumed future results of operations of the Company and its subsidiaries. When words such as "believes," "expects," "anticipates," or similar expressions occur in this Press Release, the Company is making forward-looking statements. Note that many factors could affect the future financial results of the Company and its subsidiaries, both individually and collectively, and could cause those results to differ materially from those expressed in the forward-looking statements contained in this Press Release. Those factors include, but are not limited to: the recent and continuing coronavirus (COVID-19) pandemic which poses risks and may harm the Company's business and results of operations in future quarters, credit risk, changes in market interest rates, inability to achieve merger-related synergies, competition, economic downturn or recession, and government regulation and supervision. The Company undertakes no obligation to update or revise any forward-looking statements.

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SOURCE GBank Financial Holdings Inc.

FAQ

What is GBank Financial Holdings Inc. known for?

GBank Financial Holdings Inc. is known for its banking solutions through Bank of George and its partnership with fintech company Sightline Payments.

When did Sightline Payments achieve a $1 billion valuation?

Sightline Payments achieved a $1 billion valuation on August 17, 2021, after completing a $244 million funding round.

How much has Bank of George transacted with Sightline Payments?

Bank of George has facilitated over $1.1 billion in transactions for Sightline Payments since the launch of their partnership.

What financial metrics does GBank Financial Holdings Inc. have?

As of June 30, 2021, GBank Financial Holdings Inc. has approximately $543 million in assets.

What risks does GBank Financial Holdings Inc. face?

GBank faces risks such as the ongoing COVID-19 pandemic, credit risks, and potential economic downturns that could impact its operations.