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.

Cross River Bank / Private Capital Markets

<ul><li>Sacra estimates that Cross River Bank generated $517M in 2025, up 6% YoY from $489M in 2024.</li><li>Cross River Bank raised $620 million in March 2022 in a funding round led by Andreessen Horowitz and Eldridge Industries, valuing the company at over $3 billion.</li><li>Cross River operates a comprehensive Banking-as-a-Service platform that allows fintech companies to offer regulated banking products without obtaining their own bank charter.</li></ul>

Sacra estimates that Cross River Bank generated $517M in 2025, up 6% YoY from $489M in 2024.Cross River Bank raised $620 million in March 2022 in a funding round led by Andreessen Horowitz and Eldridge Industries, valuing the company at over $3 billion.Cross River operates a comprehensive Banking-as-a-Service platform that allows fintech companies to offer regulated banking products without obtaining their own bank charter.

<ul><li>In June 2023, Bond was acquired by FIS.</li><li>Bond provides the technological infrastructure that enables companies to offer financial services without becoming banks themselves.</li><li>Following acquisition by FIS, Bond became part of the Atelio platform, strengthening its enterprise focus and positioning the combined entity to leverage FIS's established banking relationships and infrastructure.</li></ul>

In June 2023, Bond was acquired by FIS.Bond provides the technological infrastructure that enables companies to offer financial services without becoming banks themselves.Following acquisition by FIS, Bond became part of the Atelio platform, strengthening its enterprise focus and positioning the combined entity to leverage FIS's established banking relationships and infrastructure.

<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.

<ul><li>I think our thesis in 2019 is not different from the thesis today, which is, running a bank is quite different from running a fintech company.</li><li>Now that we&#39;re part of FIS and Atelio, we&#39;re doubling down on the vertical SaaS piece, partially because we&#39;re seeing demand and the value prop is fairly clear to the customers at scale.</li><li>There&#39;s no such thing as Twilio for Financial Services… financial services is not one of those places where &quot;Hey, here&#39;s a bunch of APIs. Build whatever you like.</li></ul>

I think our thesis in 2019 is not different from the thesis today, which is, running a bank is quite different from running a fintech company.Now that we&#39;re part of FIS and Atelio, we&#39;re doubling down on the vertical SaaS piece, partially because we&#39;re seeing demand and the value prop is fairly clear to the customers at scale.There&#39;s no such thing as Twilio for Financial Services… financial services is not one of those places where &quot;Hey, here&#39;s a bunch of APIs. Build whatever you like.

Roy Ng, EVP, Chief Business Officer At FIS, On The Future Of BaaS

United States

API-based software for embedding cards, accounts, and payments into vertical SaaS products

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Bond (TECH US)

Primer: Gusto - 16 Jul 2026

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

Sacra

Primer: Cross River Bank - 10 Jul 2026

Banking infrastructure provider offering cards, payments, lending, and compliance via API for fintechs

Sacra

Primer: Bond - 16 Apr 2025

API-based software for embedding cards, accounts, and payments into vertical SaaS products

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

Roy Ng, EVP, Chief Business Officer At FIS, On The Future Of BaaS

FIS acquired Bond in 2023. Can you talk about the acquisition, how it came about, and what were the triggers that made you decide to sell the...

Sacra

Price Gauge

52-week Range

Market Cap (USDm)

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Primer: Gusto - 16 Jul 2026

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

Sacra

Primer: Cross River Bank - 10 Jul 2026

Banking infrastructure provider offering cards, payments, lending, and compliance via API for fintechs

Sacra

Primer: Bond - 16 Apr 2025

API-based software for embedding cards, accounts, and payments into vertical SaaS products

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

Roy Ng, EVP, Chief Business Officer At FIS, On The Future Of BaaS

FIS acquired Bond in 2023. Can you talk about the acquisition, how it came about, and what were the triggers that made you decide to sell the...

Sacra

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