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 Stripe hit $6.8B in revenue in 2025, up 33% year-over-year from $5.1B in 2024, with $1.2B in EBITDA.</li><li>Stripe reported total payment volume of $1.9T in 2025, up 34% year-over-year from $1.4T in 2024.</li><li>In February 2026, Stripe launched a new employee liquidity tender offer at a $159B valuation, backed primarily by Thrive Capital, Coatue, and Andreessen Horowitz.</li></ul>

Sacra estimates that Stripe hit $6.8B in revenue in 2025, up 33% year-over-year from $5.1B in 2024, with $1.2B in EBITDA.Stripe reported total payment volume of $1.9T in 2025, up 34% year-over-year from $1.4T in 2024.In February 2026, Stripe launched a new employee liquidity tender offer at a $159B valuation, backed primarily by Thrive Capital, Coatue, and Andreessen Horowitz.

<ul><li>Sacra estimates that Cardless hit $15M in annualized revenue in June 2025, following a pivot from early sports-team programs to broader co-branded cards with partners like Coinbase and Bilt.</li><li>Cardless raised $60 million in a Series C in September 2025 led by Spark Capital, bringing total funding to more than $170 million.</li><li>Cardless operates as a B2B2C platform that monetizes through multiple revenue streams tied to credit card program performance.</li></ul>

Sacra estimates that Cardless hit $15M in annualized revenue in June 2025, following a pivot from early sports-team programs to broader co-branded cards with partners like Coinbase and Bilt.Cardless raised $60 million in a Series C in September 2025 led by Spark Capital, bringing total funding to more than $170 million.Cardless operates as a B2B2C platform that monetizes through multiple revenue streams tied to credit card program performance.

<ul><li>Lithic raised $60 million in Series C funding on July 28, 2021, led by Stripes.</li><li>The Commercial Revolving Credit API launched in December 2024 enables customers to issue true revolving balance credit cards.</li><li>The solopreneurs and gig economy segment includes approximately 33 million workers in the U.S. who need business financial tools.</li></ul>

Lithic raised $60 million in Series C funding on July 28, 2021, led by Stripes.The Commercial Revolving Credit API launched in December 2024 enables customers to issue true revolving balance credit cards.The solopreneurs and gig economy segment includes approximately 33 million workers in the U.S. who need business financial tools.

<ul><li>Rain raised $58 million in August 2025 in a Series B led by Sapphire Ventures, bringing total funding to $88.5 million.</li><li>Rain supports multiple stablecoins including USDC, USDT, DAI, and PYUSD across various blockchain networks like Ethereum, Polygon, Base, Solana, and Stellar.</li><li>Rain operates in over 100 countries and is using its Series A funding to expand compliance capabilities in high-growth regions like Latin America and the Middle East.</li></ul>

Rain raised $58 million in August 2025 in a Series B led by Sapphire Ventures, bringing total funding to $88.5 million.Rain supports multiple stablecoins including USDC, USDT, DAI, and PYUSD across various blockchain networks like Ethereum, Polygon, Base, Solana, and Stellar.Rain operates in over 100 countries and is using its Series A funding to expand compliance capabilities in high-growth regions like Latin America and the Middle East.

<ul><li>Today, we’re increasingly seeing fintechs diversifying, moving towards alternate models of monetization like subscriptions, interest from deposits and lending, and tips.</li><li>The fintech industry is seeing a trend of consolidation, with larger platforms acquiring smaller fintechs to leverage established customer bases and cross-sell financial products.</li><li>Real-time payments (RTP) may not significantly threaten card networks for consumer-to-business transactions but could revolutionize disbursements and payroll processes.</li></ul>

Today, we’re increasingly seeing fintechs diversifying, moving towards alternate models of monetization like subscriptions, interest from deposits and lending, and tips.The fintech industry is seeing a trend of consolidation, with larger platforms acquiring smaller fintechs to leverage established customer bases and cross-sell financial products.Real-time payments (RTP) may not significantly threaten card networks for consumer-to-business transactions but could revolutionize disbursements and payroll processes.

United States

API for developers to launch and manage customizable debit card programs

Price Gauge
52-week Range	0.00 - 0.00
Market Cap (USDm)	0.00
P/E	0.00
Dividend (Yield)	0.00

Apto Payments (PAYMENTS US)

Primer: Stripe - 18 Aug 2026

API and software suite for accepting payments and managing online financial transactions

Sacra

Primer: Cardless - 15 Jun 2026

Platform enabling brands to launch co-branded credit cards with integrated digital experiences and rewards

Sacra

Primer: Lithic - 27 Jan 2026

API-based platform for developers to issue and manage virtual and physical payment cards

Sacra

Primer: Rain - 28 Aug 2025

Corporate card and expense software backed by self-custodied stablecoin collateral

Sacra

The Future Of Interchange

Early fintechs like Chime scaled to $100M+ with nearly all their revenue coming from interchange—the fee they generate every time their customers...

Sacra

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

Primer: Stripe - 18 Aug 2026

API and software suite for accepting payments and managing online financial transactions

Sacra

Primer: Cardless - 15 Jun 2026

Platform enabling brands to launch co-branded credit cards with integrated digital experiences and rewards

Sacra

Primer: Lithic - 27 Jan 2026

API-based platform for developers to issue and manage virtual and physical payment cards

Sacra

Primer: Rain - 28 Aug 2025

Corporate card and expense software backed by self-custodied stablecoin collateral

Sacra

The Future Of Interchange

​​Early fintechs like Chime scaled to $100M+ with nearly all their revenue coming from interchange—the fee they generate every time their customers...

Sacra

Early fintechs like Chime scaled to $100M+ with nearly all their revenue coming from interchange—the fee they generate every time their customers...