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 Gusto generated $975M of revenue in 2025, up 30% year-over-year from $750M in 2024.</li><li>The customer base increased from 300,000 direct SMB customers and 700,000 via partners in August 2024 to over 400,000 direct customers by March 2025.</li><li>Gusto was valued at $9.3B during a $200M employee tender offer in June 2025.</li></ul>

Sacra estimates that Gusto generated $975M of revenue in 2025, up 30% year-over-year from $750M in 2024.The customer base increased from 300,000 direct SMB customers and 700,000 via partners in August 2024 to over 400,000 direct customers by March 2025.Gusto was valued at $9.3B during a $200M employee tender offer in June 2025.

<ul><li>Sacra estimates that Plaid hit $546M in annual recurring revenue (ARR) in 2025, up 40% from $390M in 2024.</li><li>Plaid was most recently valued at $8 billion in a February 2026 employee share sale, an undisclosed-size liquidity transaction that allowed employees to sell stock and extended the company&#39;s runway as a private company.</li><li>Anti-fraud, alternative credit data, and bank payments more than doubled in 2025 and have become a meaningful second growth engine alongside the core connectivity business.</li></ul>

Sacra estimates that Plaid hit $546M in annual recurring revenue (ARR) in 2025, up 40% from $390M in 2024.Plaid was most recently valued at $8 billion in a February 2026 employee share sale, an undisclosed-size liquidity transaction that allowed employees to sell stock and extended the company&#39;s runway as a private company.Anti-fraud, alternative credit data, and bank payments more than doubled in 2025 and have become a meaningful second growth engine alongside the core connectivity business.

<ul><li>Finch was founded in 2020 by Jeremy Zhang and Ansel Parikh in San Francisco to address the fragmentation problem in employment systems.</li><li>Finch&#39;s rapid growth is evident in its metrics: over 10,000 employers and 1 million employees connected, processing 5 million daily API calls.</li><li>Finch&#39;s competitive advantage lies in its extensive integration network and its ability to provide a single, standardized interface for a highly fragmented market.</li></ul>

Finch was founded in 2020 by Jeremy Zhang and Ansel Parikh in San Francisco to address the fragmentation problem in employment systems.Finch&#39;s rapid growth is evident in its metrics: over 10,000 employers and 1 million employees connected, processing 5 million daily API calls.Finch&#39;s competitive advantage lies in its extensive integration network and its ability to provide a single, standardized interface for a highly fragmented market.

<ul><li>Plaid (2021 valuation: $13.4B) grew 47% in 2021 to reach $250M in revenue and crossed 500M+ connected bank accounts acting as a middleware for fintechs like Block (NYSE: SQ) and Robinhood (NASDAQ: HOOD) to connect to their customers’ bank accounts for moving money to their app or fast-tracking customer onboarding.</li><li>Plaid became a consumer brand—going beyond serving as a white-label account linking service—by putting its logo on the bank linking experience inside fintech apps, sitting in the middle of a 3-sided, Visa-like network of 500M customers, 11,000 banks, and 2,600 fintechs.</li><li>In recent years, data aggregation has stagnated and become commoditized—the major players Plaid, Yodlee, Finicity (acquired by Mastercard for $825M) and MX (2020 valuation: $1.9B) build proprietary connections with only the top ~500 banks while outsourcing development to offshore software companies in India or reselling connections from other data aggregators for the long tail of 11,000+ banks.</li></ul>

Plaid (2021 valuation: $13.4B) grew 47% in 2021 to reach $250M in revenue and crossed 500M+ connected bank accounts acting as a middleware for fintechs like Block (NYSE: SQ) and Robinhood (NASDAQ: HOOD) to connect to their customers’ bank accounts for moving money to their app or fast-tracking customer onboarding.Plaid became a consumer brand—going beyond serving as a white-label account linking service—by putting its logo on the bank linking experience inside fintech apps, sitting in the middle of a 3-sided, Visa-like network of 500M customers, 11,000 banks, and 2,600 fintechs.In recent years, data aggregation has stagnated and become commoditized—the major players Plaid, Yodlee, Finicity (acquired by Mastercard for $825M) and MX (2020 valuation: $1.9B) build proprietary connections with only the top ~500 banks while outsourcing development to offshore software companies in India or reselling connections from other data aggregators for the long tail of 11,000+ banks.

The Future Of Plaid's $250M Screen Scraping Business

<ul><li>Direct deposit switching APIs like Pinwheel are redirecting the $10T of payroll deposited in incumbent banks towards neobanks and novel vertical finance apps.</li><li>For neobanks like Chime ($25B), Varo ($2.5B), and Current ($2.2B), direct deposit customers can bump up LTV by 30x-40x.</li><li>Chime found initial product-market fit offering 2 days early paycheck access with $100 in fee-free overdraft to direct deposit customers and spent millions in ads convincing American customers to switch.</li></ul>

Direct deposit switching APIs like Pinwheel are redirecting the $10T of payroll deposited in incumbent banks towards neobanks and novel vertical finance apps.For neobanks like Chime ($25B), Varo ($2.5B), and Current ($2.2B), direct deposit customers can bump up LTV by 30x-40x.Chime found initial product-market fit offering 2 days early paycheck access with $100 in fee-free overdraft to direct deposit customers and spent millions in ads convincing American customers to switch.

Pinwheel, Argyle, Atomic, And The Direct Deposit Switching APIs Funding $10T To Neobanks

United States

API for switching direct deposit accounts between payroll providers and financial apps

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Atomic (ATOMIC US)

Primer: Gusto - 16 Jul 2026

Payroll software for SMBs to manage employee and contractor payments, taxes, and benefits

Sacra

Primer: Plaid - 02 Jul 2026

API platform that connects applications to users' bank accounts and financial data to enable payments, identity, underwriting, and fraud/risk products

Sacra

Primer: Finch - 02 Sep 2024

API for accessing and writing data across fragmented HR and payroll systems

Sacra

The Future Of Plaid's $250M Screen Scraping Business

Plaid (dataset) indexed on the explosive growth of consumer fintech, growing 50% annually for the last 5 years and hitting $250M in revenue in...

Sacra

Pinwheel, Argyle, Atomic, And The Direct Deposit Switching APIs Funding $10T To Neobanks

Direct deposit switching APIs like Pinwheel are redirecting the $10T of payroll deposited in incumbent banks towards neobanks and novel vertical...

Sacra

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