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>Sacra estimates that Alpaca hit $100M in annualized revenue in September 2025, up from $60M at the end of 2024.</li><li>Alpaca raised $50M in Series C funding from Tencent in 2024 at a $461M post-money valuation.</li><li>Alpaca is in late-stage discussions with several major enterprise clients that could significantly expand the platform's scale and market positioning.</li></ul>

Sacra estimates that Alpaca hit $100M in annualized revenue in September 2025, up from $60M at the end of 2024.Alpaca raised $50M in Series C funding from Tencent in 2024 at a $461M post-money valuation.Alpaca is in late-stage discussions with several major enterprise clients that could significantly expand the platform's scale and market positioning.

<ul><li>Historically #2 to Coinbase by crypto transaction revenue in the U.S., Kraken has taken the lead in combining tradfi into its crypto exchange.</li><li>Only recently entering tradfi with stock trading in December 2025 (eight months after Kraken), Coinbase (founded 2012) is playing catch up on building the investing super app, with plans to launch stock trading, prediction markets (via Kalshi), and tokenized stocks in 2026.</li><li>Since adding crypto trading in 2018, meme stock app Robinhood (launched 2015) has become the Millennial & Gen Z investing super app that leads on total trading volume at $727B (Q3'2025) vs. Kraken at $577B in trading volume and Coinbase at $295B.</li></ul>

Historically #2 to Coinbase by crypto transaction revenue in the U.S., Kraken has taken the lead in combining tradfi into its crypto exchange.Only recently entering tradfi with stock trading in December 2025 (eight months after Kraken), Coinbase (founded 2012) is playing catch up on building the investing super app, with plans to launch stock trading, prediction markets (via Kalshi), and tokenized stocks in 2026.Since adding crypto trading in 2018, meme stock app Robinhood (launched 2015) has become the Millennial & Gen Z investing super app that leads on total trading volume at $727B (Q3'2025) vs. Kraken at $577B in trading volume and Coinbase at $295B.

<ul><li>Midas is valued at approximately $1 billion following its $80 million Series B round in August 2025, led by QED Investors.</li><li>Midas operates a B2C freemium model that uses zero-commission Turkish equity trading as a customer acquisition tool while generating revenue through international market access and ancillary services.</li><li>Midas is broadening its offerings beyond equity trading to include derivatives, with US options scheduled for launch in September 2025 and Turkish equity options to follow.</li></ul>

Midas is valued at approximately $1 billion following its $80 million Series B round in August 2025, led by QED Investors.Midas operates a B2C freemium model that uses zero-commission Turkish equity trading as a customer acquisition tool while generating revenue through international market access and ancillary services.Midas is broadening its offerings beyond equity trading to include derivatives, with US options scheduled for launch in September 2025 and Turkish equity options to follow.

<ul><li>Alpaca hit $60M in annualized revenue in 2024, up 150% YoY as trading volume tripled to ~$180B.</li><li>Alpaca (2015) launched to do the same for the rest of the world, enabling fintechs in Asia &amp; the Middle East to bolt U.S. equities, margin, and option trading into their apps.</li><li>Over the next year, Alpaca is adding global equities, fixed income, and deeper options capabilities, building towards coverage of every major asset class.</li></ul>

Alpaca hit $60M in annualized revenue in 2024, up 150% YoY as trading volume tripled to ~$180B.Alpaca (2015) launched to do the same for the rest of the world, enabling fintechs in Asia &amp; the Middle East to bolt U.S. equities, margin, and option trading into their apps.Over the next year, Alpaca is adding global equities, fixed income, and deeper options capabilities, building towards coverage of every major asset class.

Apex Fintech Solutions / Private Capital Markets

<ul><li>Apex Fintech Solutions has raised approximately $510 million across two funding events.</li><li>Apex functions as the underlying system powering apps such as SoFi and Webull, facilitating account openings, money deposits, and stock trading.</li><li>The business model benefits from network effects, as each new fintech partner increases the platform's overall liquidity and reduces per-unit costs.</li></ul>

Apex Fintech Solutions has raised approximately $510 million across two funding events.Apex functions as the underlying system powering apps such as SoFi and Webull, facilitating account openings, money deposits, and stock trading.The business model benefits from network effects, as each new fintech partner increases the platform's overall liquidity and reduces per-unit costs.

Primer: Apex Fintech Solutions - 06 Aug 2025

United States

API-based brokerage platform for developers to build investing applications and automate trading strategies

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Alpaca (ALPACA US)

Primer: Alpaca - 05 Nov 2025

API-based brokerage platform for developers to build investing applications and automate trading strategies

Sacra

Robinhood Vs Kraken Vs Coinbase

TL;DR: As crypto exchanges and traditional brokerages converge, Robinhood, Coinbase, and Kraken are racing to become tradfi-crypto hybrid super...

Sacra

Primer: Midas - 23 Aug 2025

Investment platform enabling users to trade Turkish and U.S. stocks, mutual funds, and cryptocurrencies

Sacra

Alpaca At $60M/year Growing 150% YoY

TL;DR: Alpaca is building the global equivalent of Apex Fintech Solutions—providing embedded brokerage APIs for fintechs outside the US to offer...

Sacra

Primer: Apex Fintech Solutions - 06 Aug 2025

Digital custody and clearing platform providing real-time transaction processing, account management, and asset safekeeping for financial services...

Sacra

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