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>Kapital ( has seen product-market fit around their stablecoin treasury product that lets companies deposit money and hold it in Circle's USD-denominated stablecoin USDC, with "almost every company" using it to de-risk against the high volatility of local currencies like the Colombian peso.</li><li>As payment rails, Kapital uses USDC to settle international transfers for their customers fast (in minutes) and cheaply (~$0.0037 per transaction) vs. paying ~$50 to send a wire and 1-3% on currency exchange fees.</li><li>While incumbent banks move money slowly & expensively and monetize on each transaction, Kapital is aiming to be fast & cheap and drive volume through value-added products like Kapital Flex (buy-now-pay-later for B2B procurement) and engagement & retention for its core subscription SaaS platform.</li></ul>

Kapital ( has seen product-market fit around their stablecoin treasury product that lets companies deposit money and hold it in Circle's USD-denominated stablecoin USDC, with "almost every company" using it to de-risk against the high volatility of local currencies like the Colombian peso.As payment rails, Kapital uses USDC to settle international transfers for their customers fast (in minutes) and cheaply (~$0.0037 per transaction) vs. paying ~$50 to send a wire and 1-3% on currency exchange fees.While incumbent banks move money slowly & expensively and monetize on each transaction, Kapital is aiming to be fast & cheap and drive volume through value-added products like Kapital Flex (buy-now-pay-later for B2B procurement) and engagement & retention for its core subscription SaaS platform.

<ul><li>Betterment and Wealthfront survived the robo-advisor purge by building the biggest brands in the space.</li><li>Growth slowed to low double-digits for both Wealthfront and Betterment in 2021 and 2022 with the rise of meme investing via Robinhood.</li><li>As interest rates have climbed to 5.25-5.50%—the highest levels since 2001—Betterment and Wealthfront’s AUM growth has re-accelerated, growing 50% and 77% respectively.</li></ul>

Betterment and Wealthfront survived the robo-advisor purge by building the biggest brands in the space.Growth slowed to low double-digits for both Wealthfront and Betterment in 2021 and 2022 with the rise of meme investing via Robinhood.As interest rates have climbed to 5.25-5.50%—the highest levels since 2001—Betterment and Wealthfront’s AUM growth has re-accelerated, growing 50% and 77% respectively.

Wealthfront, Betterment, And The robo-advisor Resurrection

<ul><li>Betterment's revenue growth rate has significantly increased in the past year.</li><li>The valuation trajectory of Betterment indicates a positive outlook for the coming quarters.</li><li>There is a strong emphasis on expanding customer base and improving technology offerings.</li></ul>

Betterment's revenue growth rate has significantly increased in the past year.The valuation trajectory of Betterment indicates a positive outlook for the coming quarters.There is a strong emphasis on expanding customer base and improving technology offerings.

Betterment Revenue, Growth, And Valuation

Chime Financial / Private Capital Markets

<ul><li>Chime (launched 2012) found initial product-market fit marketing to millennials and the 75% of Americans living paycheck-to-paycheck with no-fee accounts and 2 days early access to their wages.</li><li>Chime can grow ARPU from the ~$30-$120 of a top interchange-based neobank to the $1,200 of a full-service consumer retail bank like a Bank of America and increase LTV by turning on additional features like crypto, investing, insurance, and most importantly, lending.</li><li>Chime’s lead gives it the chance to build the CNBC of finance superapps, positioned against Cash App’s meme-y, Wall Street Bets-adjacent finance superapp.</li></ul>

Chime (launched 2012) found initial product-market fit marketing to millennials and the 75% of Americans living paycheck-to-paycheck with no-fee accounts and 2 days early access to their wages.Chime can grow ARPU from the ~$30-$120 of a top interchange-based neobank to the $1,200 of a full-service consumer retail bank like a Bank of America and increase LTV by turning on additional features like crypto, investing, insurance, and most importantly, lending.Chime’s lead gives it the chance to build the CNBC of finance superapps, positioned against Cash App’s meme-y, Wall Street Bets-adjacent finance superapp.

AngelList Venture / Private Capital Markets

<ul><li>AngelList Venture recently raised $100 million at a $4 billion pre-money valuation from Tiger Global and Accomplice, bringing their total raised since inception to $224 million.</li><li>AngelList Ventureʼs Assets Under Support (AUS) has increased by 10X since 2018 at a CAGR of 115.4%, while the number of GPs on AngelList has increased from 255 (2018) to 800 (2021).</li><li>GPs invested $3.6 billion into 7000 startups in 2021 using AngelListʼs platform, with ~$1 billion from AngelList LPs (who discovered deals through AngelList's listings).</li></ul>

AngelList Venture recently raised $100 million at a $4 billion pre-money valuation from Tiger Global and Accomplice, bringing their total raised since inception to $224 million.AngelList Ventureʼs Assets Under Support (AUS) has increased by 10X since 2018 at a CAGR of 115.4%, while the number of GPs on AngelList has increased from 255 (2018) to 800 (2021).GPs invested $3.6 billion into 7000 startups in 2021 using AngelListʼs platform, with ~$1 billion from AngelList LPs (who discovered deals through AngelList's listings).

United States

Dashboard for automated investing and high-yield cash accounts for retail investors

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Betterment (BETTERMENT US)

Stablecoin Diplomacy

TL;DR: As B2B neobanks in the U.S. raced to offer FDIC insurance and treasury products in the wake of SVB's collapse, a parallel trend has played...

Sacra

Wealthfront, Betterment, And The robo-advisor Resurrection

TL;DR: Betterment and Wealthfront survived the robo-advisor purge by building the biggest brands in the space—before the cost of customer...

Sacra

Betterment Revenue, Growth, And Valuation

Sacra model for Betterment's revenue, AUM, and competitors.

Sacra

Chime: The $1.3B/year could-be Superapp

Chime (dataset) built the #1 neobank in the United States by focusing on lower-income consumers looking for early access to paychecks. Now, they...

Sacra

Primer: AngelList Venture - 25 May 2022

Marketplace and back-office software for startup investors and venture fund managers

Sacra

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