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>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>Sacra estimates that Airwallex hit $700M in annualized revenue in March 2025, up 69.7% from ~$413M in March 2024, with transaction volume increasing to $130B across 150,000 businesses globally.</li><li>Founded in 2015 in Melbourne, Airwallex operates a global payments infrastructure that bypasses traditional banking rails, allowing businesses to hold, convert, and move money across borders at drastically lower costs than banks through a proprietary network that processes 93% of transactions outside of SWIFT.</li><li>Airwallex’s push into Latin America—through acquiring MexPago (Mexico) and securing a payment institution license in Brazil—positions Airwallex to capture the region's exploding cross-border commerce flows (cross-border represents 22% of Mexico's e-commerce with 44% annual growth), while its recent acquisition of CTIN Pay in Vietnam and announced expansion into Malaysia and South Korea extend its already-dominant APAC footprint where revenues grew 83% year-over-year in Q3 2024.</li></ul>

Sacra estimates that Airwallex hit $700M in annualized revenue in March 2025, up 69.7% from ~$413M in March 2024, with transaction volume increasing to $130B across 150,000 businesses globally.Founded in 2015 in Melbourne, Airwallex operates a global payments infrastructure that bypasses traditional banking rails, allowing businesses to hold, convert, and move money across borders at drastically lower costs than banks through a proprietary network that processes 93% of transactions outside of SWIFT.Airwallex’s push into Latin America—through acquiring MexPago (Mexico) and securing a payment institution license in Brazil—positions Airwallex to capture the region's exploding cross-border commerce flows (cross-border represents 22% of Mexico's e-commerce with 44% annual growth), while its recent acquisition of CTIN Pay in Vietnam and announced expansion into Malaysia and South Korea extend its already-dominant APAC footprint where revenues grew 83% year-over-year in Q3 2024.

<ul><li>Self-serve SaaS pushed “little P” procurement out to employees on the edge who purchased the tools they wanted to use without consulting finance & procurement, threatening the company with compliance & security risk and committing the company to price, terms & renewal.</li><li>The “little P” procurement stack of integrating & overlapping tools has emerged with Zip ($333M raised, Tiger Global) for intake-to-procure, Ramp ($648M revenue in 2024) & Brex ($319M revenue in 2023) for expense management, Ironclad ($333M raised, Accel) & Icertis ($497M raised, Greycroft) for contract lifecycle management (CLM) and AI-native upstarts like BRM ($21.6M raised, Caffeinated Capital) for vendor management.</li><li>With AI and agents, we now have an opportunity to actually serve and open up that entire market, and we're starting to do that.</li></ul>

Self-serve SaaS pushed “little P” procurement out to employees on the edge who purchased the tools they wanted to use without consulting finance & procurement, threatening the company with compliance & security risk and committing the company to price, terms & renewal.The “little P” procurement stack of integrating & overlapping tools has emerged with Zip ($333M raised, Tiger Global) for intake-to-procure, Ramp ($648M revenue in 2024) & Brex ($319M revenue in 2023) for expense management, Ironclad ($333M raised, Accel) & Icertis ($497M raised, Greycroft) for contract lifecycle management (CLM) and AI-native upstarts like BRM ($21.6M raised, Caffeinated Capital) for vendor management.With AI and agents, we now have an opportunity to actually serve and open up that entire market, and we're starting to do that.

James McGillicuddy, CEO Of BRM, On The Problem With “Little P” Procurement

<ul><li>BRM has raised a total of $21.6 million in funding to date.</li><li>BRM operates a unique consumption-based pricing model tied to the volume of vendors under management rather than using traditional SaaS per-seat licensing.</li><li>The company&#39;s integration-first approach creates high switching costs once customers have connected BRM to their key systems (ERP, email, identity providers) and onboarded their vendor base.</li></ul>

BRM has raised a total of $21.6 million in funding to date.BRM operates a unique consumption-based pricing model tied to the volume of vendors under management rather than using traditional SaaS per-seat licensing.The company&#39;s integration-first approach creates high switching costs once customers have connected BRM to their key systems (ERP, email, identity providers) and onboarded their vendor base.

<ul><li>In Latin America's volatile business environment—currency fluctuations, shifting trade tariffs, and unpredictable interest rate cycles— Kapital has adapted to monetize in any economic condition, generating revenue from deposits when rates are high, financing "buy now, pay later" through Kapital Flex when rates fall, and providing stablecoin options when local currencies destabilize.</li><li>Starting in Mexico, Kapital initially expanded to Colombia over Brazil, looking to expand into large markets first in LatAm and then globally that lack competition to servicing SMEs (less than 250 employees, ~50% of global employment), particularly where incumbent banks consider them too small for relationship banking and fintechs focus on consumer.</li><li>The lack of competition in these markets has given Kapital a head start to roll up the bank account (Mercury), corporate card (Brex), expense management (Ramp), AP/AR (Bill.com), and treasury (Meow) into an all-in-one, with line of sight into rolling up the entire SME backoffice including HR, payroll, and employee benefits.</li></ul>

In Latin America's volatile business environment—currency fluctuations, shifting trade tariffs, and unpredictable interest rate cycles— Kapital has adapted to monetize in any economic condition, generating revenue from deposits when rates are high, financing "buy now, pay later" through Kapital Flex when rates fall, and providing stablecoin options when local currencies destabilize.Starting in Mexico, Kapital initially expanded to Colombia over Brazil, looking to expand into large markets first in LatAm and then globally that lack competition to servicing SMEs (less than 250 employees, ~50% of global employment), particularly where incumbent banks consider them too small for relationship banking and fintechs focus on consumer.The lack of competition in these markets has given Kapital a head start to roll up the bank account (Mercury), corporate card (Brex), expense management (Ramp), AP/AR (Bill.com), and treasury (Meow) into an all-in-one, with line of sight into rolling up the entire SME backoffice including HR, payroll, and employee benefits.

Fernando Sandoval, co-founder Of Kapital, On Tropicalizing Brex For LatAm

United States

Software suite for global companies to manage cards, expenses, and business accounts

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

Brex (BREX US)

Primer: Bond - 16 Apr 2025

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

Sacra

Airwallex At $700M Revenue

TL;DR: Airwallex is evolving from a cross-border payments provider to global-first financial infrastructure, with corporate cards and payments now...

Sacra

James McGillicuddy, CEO Of BRM, On The Problem With “Little P” Procurement

To start, why procurement and why now? It seems like there's a lot of new solutions out there with traction. We'd like to understand why that's...

Sacra

Primer: BRM - 03 Apr 2025

Tool for managing vendor relationships and purchases with AI-powered agents and data enrichment

Sacra

Fernando Sandoval, co-founder Of Kapital, On Tropicalizing Brex For LatAm

I'd like to begin by framing everything - what were the things that really gave you momentum last year? And which areas of the business did you...

Sacra

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)