Midnite has secured a credit financing agreement worth up to $100m from House Advantage Fund (HAF) to support its expansion in the UK iGaming market. The revolving credit facility is backed by Discerning Capital, which specialises in growth capital for the regulated gambling and gaming sectors, and PvX Capital, a Singapore-based firm focused on user acquisition financing for consumer applications.
The funding structure provides Midnite with access to user acquisition capital while allowing the company to build cash reserves for broader investment in areas such as hiring and product development. According to the company, this model removes the risk of equity dilution and creates flexibility to scale more efficiently than through traditional financing channels.
The announcement follows Midnite’s $10m Series B funding round in April 2025, led by Discerning Capital, The Raine Group and Play Ventures, with participation from Venrex and Big Bets. The round brought the company’s total funding raised to over $35m.
Founded in 2018 by Nick Wright and Daniel Qu, Midnite initially focused on sports betting before expanding into horse racing and casino products in 2023. The company has grown its workforce from 60 to 150 employees over the past year as it continues to pursue tier-one operator status in the competitive UK iGaming sector.
Nicholas Wright, Midnite’s Chief Executive Officer, said: “This partnership allows us to triple down on both performance and brand marketing campaigns, while preserving cash for innovation and expansion. The flexibility of the House Advantage structure means we can pursue our long-term strategy with greater conviction and fewer trade-offs.
“This arrangement also signifies the strength of the partnership Midnite has with Discerning Capital. The confidence the team has in what we are doing at Midnite allows us to strive for continued growth and execute our strategy to disrupt the gaming industry for good.”
Commenting on the deal, Davis Catlin, Managing Partner at Discerning Capital, said: “For too long, the growth trajectory of online wagering operators has been constrained by the limitations of traditional venture capital or credit, which is hard to obtain across the broader gaming ecosystem.
“By tying capital deployment to actual marketing performance, we unlock sustainable, aggressive scale without forcing operators into unnecessary equity dilution or onerous repayment structures. This credit facility for Midnite sets a new benchmark for how ambitious firms in our sector can finance growth.”
