Private Markets, Angel and Secondary Investing, Sacra

Sacra

Private Markets, Angel and Secondary Investing

Bringing transparency to private markets so investors, founders, and employees can build on conviction. Sacra delivers deeply researched insights on the private companies shaping tomorrow's markets. By surfacing the data, context, and operator perspective that are missing from private markets today, we help secondary buyers and sellers price equity accurately and unlock liquidity for the people building these businesses.

Private Capital Markets

<ul><li>WeTravel closed a $92 million Series C in September 2025 led by Sapphire Ventures.</li><li>WeTravel operates a hybrid vertical SaaS and embedded fintech model, combining subscription software with payment processing revenue.</li><li>WeTravel is leveraging its Series C funding to build AI agents that convert PDF itineraries into interactive bookings.</li></ul>

WeTravel closed a $92 million Series C in September 2025 led by Sapphire Ventures.WeTravel operates a hybrid vertical SaaS and embedded fintech model, combining subscription software with payment processing revenue.WeTravel is leveraging its Series C funding to build AI agents that convert PDF itineraries into interactive bookings.

<ul><li>Checkout friction in external linking still favors Apple’s in-app flow even at the 30% fee, but the pain line starts at $5-10M in annual revenue for developers to consider routing payments externally to their existing payment processor for web payments like Stripe or Adyen.</li><li>For global enterprises opting out of Apple’s in-app payments, the solution isn’t just Stripe or a single payment processor; it means bringing together a number of regional payment providers like Stripe (US), Adyen (EU), PortOne (South Korea) & Airwallex (SEA) that use local bank rails and enforce local regulation like real-time e-invoicing mandates (EU, LatAm).</li><li>Unbundling their stack from vertically-integrated Stripe payments, billing and tax products, enterprise-level customers shift towards best-in-breed financial SaaS point solutions as they grow — for example in sales tax, adopting an independent tax layer in Taxwire, Anrok ($54M raised, Sequoia) & Avalara (acquired by Vista Equity Partners for $8.4B) that spans multiple payment processors and ledgers.</li></ul>

Checkout friction in external linking still favors Apple’s in-app flow even at the 30% fee, but the pain line starts at $5-10M in annual revenue for developers to consider routing payments externally to their existing payment processor for web payments like Stripe or Adyen.For global enterprises opting out of Apple’s in-app payments, the solution isn’t just Stripe or a single payment processor; it means bringing together a number of regional payment providers like Stripe (US), Adyen (EU), PortOne (South Korea) & Airwallex (SEA) that use local bank rails and enforce local regulation like real-time e-invoicing mandates (EU, LatAm).Unbundling their stack from vertically-integrated Stripe payments, billing and tax products, enterprise-level customers shift towards best-in-breed financial SaaS point solutions as they grow — for example in sales tax, adopting an independent tax layer in Taxwire, Anrok ($54M raised, Sequoia) & Avalara (acquired by Vista Equity Partners for $8.4B) that spans multiple payment processors and ledgers.

Andrew Rea, CEO Of Taxwire, On Why Enterprises Need More Than Stripe

<ul><li>Primer is valued at $425 million as of their October 2021 Series B round, led by ICONIQ Growth.</li><li>In 2023, Primer raised an additional £16.6 million convertible loan to extend runway, ending the year with £28 million in cash.</li><li>Primer's launch of Primer for Growth represents a significant TAM expansion into the startup and scale-up segment.</li></ul>

Primer is valued at $425 million as of their October 2021 Series B round, led by ICONIQ Growth.In 2023, Primer raised an additional £16.6 million convertible loan to extend runway, ending the year with £28 million in cash.Primer's launch of Primer for Growth represents a significant TAM expansion into the startup and scale-up segment.

<ul><li>Sacra estimates that Airwallex hit $700M in annualized revenue in March 2025, up 69.7% from ~$413M in March 2024, with transaction volume increasing to $130B across 150,000 businesses globally.</li><li>Founded in 2015 in Melbourne, Airwallex operates a global payments infrastructure that bypasses traditional banking rails, allowing businesses to hold, convert, and move money across borders at drastically lower costs than banks through a proprietary network that processes 93% of transactions outside of SWIFT.</li><li>Airwallex’s push into Latin America—through acquiring MexPago (Mexico) and securing a payment institution license in Brazil—positions Airwallex to capture the region's exploding cross-border commerce flows (cross-border represents 22% of Mexico's e-commerce with 44% annual growth), while its recent acquisition of CTIN Pay in Vietnam and announced expansion into Malaysia and South Korea extend its already-dominant APAC footprint where revenues grew 83% year-over-year in Q3 2024.</li></ul>

Sacra estimates that Airwallex hit $700M in annualized revenue in March 2025, up 69.7% from ~$413M in March 2024, with transaction volume increasing to $130B across 150,000 businesses globally.Founded in 2015 in Melbourne, Airwallex operates a global payments infrastructure that bypasses traditional banking rails, allowing businesses to hold, convert, and move money across borders at drastically lower costs than banks through a proprietary network that processes 93% of transactions outside of SWIFT.Airwallex’s push into Latin America—through acquiring MexPago (Mexico) and securing a payment institution license in Brazil—positions Airwallex to capture the region's exploding cross-border commerce flows (cross-border represents 22% of Mexico's e-commerce with 44% annual growth), while its recent acquisition of CTIN Pay in Vietnam and announced expansion into Malaysia and South Korea extend its already-dominant APAC footprint where revenues grew 83% year-over-year in Q3 2024.

<ul><li>We wanted to learn more about the Melbourne-based Airwallex, which recently surpassed $100B in transaction volume and announced that it plans to go public in 2026.</li><li>COVID brought a surge in cross-border payments, helping Airwallex grow to $30B in annualized volume in 2021 and $100B as of July 2024 (up 73% YoY), with 100,000 customers for about $1M in payments volume per customer and a revenue run rate of $500M (up ~80% YoY).</li><li>Airwallex is pushing aggressively into Europe, the UK, and the Americas as an embedded finance platform—60% of revenue now comes from its API and products like Payments for Platforms (a la Stripe Connect)—to get distribution into the highly saturated fintech ecosystem of the West and the 100M+ SMBs it serves.</li></ul>

We wanted to learn more about the Melbourne-based Airwallex, which recently surpassed $100B in transaction volume and announced that it plans to go public in 2026.COVID brought a surge in cross-border payments, helping Airwallex grow to $30B in annualized volume in 2021 and $100B as of July 2024 (up 73% YoY), with 100,000 customers for about $1M in payments volume per customer and a revenue run rate of $500M (up ~80% YoY).Airwallex is pushing aggressively into Europe, the UK, and the Americas as an embedded finance platform—60% of revenue now comes from its API and products like Payments for Platforms (a la Stripe Connect)—to get distribution into the highly saturated fintech ecosystem of the West and the 100M+ SMBs it serves.

Australia

AirWallex Pty Ltd provides technology services. The Company offers digital payment solutions for personal and business purpose. AirWallex serves customers worldwide.

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Airwallex (1417436D AU)

Primer: WeTravel - 25 Sep 2025

Platform for travel businesses to digitize booking processes, manage payments, and streamline trip management

Sacra

Andrew Rea, CEO Of Taxwire, On Why Enterprises Need More Than Stripe

Apple doesn't only provide distribution (saving on sales & marketing expenses) and payments but it also handles fraud, chargebacks, subscriptions,...

Sacra

Primer: Primer - 25 May 2025

Automation platform for merchants to unify and optimize their payment stacks

Sacra

Airwallex At $700M Revenue

TL;DR: Airwallex is evolving from a cross-border payments provider to global-first financial infrastructure, with corporate cards and payments now...

Sacra

Airwallex At $100B TPV

TL;DR: Sacra estimates that Airwallex hit $100B in annual transaction volume in 2024, up 73% year-over-year, for a revenue run rate of $500M. Now,...

Sacra

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