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 N26 hit $567M in revenue in 2025, up 18% from $482M in 2024.</li><li>N26's planned business banking launch represents its largest near-term TAM expansion opportunity.</li><li>The company posted its first full-year net profit of €1.6 million in 2025, following its first quarterly profit in Q3 2024 with net operating income of $3.1M and monthly profitability starting in June 2024.</li></ul>

Sacra estimates that N26 hit $567M in revenue in 2025, up 18% from $482M in 2024.N26's planned business banking launch represents its largest near-term TAM expansion opportunity.The company posted its first full-year net profit of €1.6 million in 2025, following its first quarterly profit in Q3 2024 with net operating income of $3.1M and monthly profitability starting in June 2024.

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>Sacra estimates that Brex hit $700M in annualized revenue in August 2025, up 50% YoY.</li><li>In January 2026, Capital One Financial Corp. agreed to acquire Brex for $5.15 billion in a mix of cash and stock.</li><li>Brex became operating-cash-flow positive for the first time in October 2025.</li></ul>

Sacra estimates that Brex hit $700M in annualized revenue in August 2025, up 50% YoY.In January 2026, Capital One Financial Corp. agreed to acquire Brex for $5.15 billion in a mix of cash and stock.Brex became operating-cash-flow positive for the first time in October 2025.

<ul><li>Sacra estimates that Varo generated $153.4M in gross revenue in 2025, down 1% YoY from $154.8M in 2024, as growth stalled after 2024&#39;s 20% jump from $129M in 2023.</li><li>Profitability has moved in the opposite direction of what the growth story would suggest: net losses narrowed sharply from $105.2M in 2023 to $65.0M in 2024, but widened back out to $91.8M in 2025.</li><li>Varo&#39;s total equity capital declined to approximately $54M in Q3 2025 while the company continued posting significant losses (nearly $65M in December 2024).</li></ul>

Sacra estimates that Varo generated $153.4M in gross revenue in 2025, down 1% YoY from $154.8M in 2024, as growth stalled after 2024&#39;s 20% jump from $129M in 2023.Profitability has moved in the opposite direction of what the growth story would suggest: net losses narrowed sharply from $105.2M in 2023 to $65.0M in 2024, but widened back out to $91.8M in 2025.Varo&#39;s total equity capital declined to approximately $54M in Q3 2025 while the company continued posting significant losses (nearly $65M in December 2024).

<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.

United States

Chime Financial, Inc. develops online banking software. The Company designs financial software to provides online banking, mobile payment, debit and credit cards, and savings and spending account opening services. Chime Financial serves customers in the State of California.

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Chime Financial (CHYM US)

Primer: N26 - 10 Jul 2026

Mobile banking app offering fee-free accounts and debit cards to European consumers

Sacra

Primer: Cross River Bank - 10 Jul 2026

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

Sacra

Primer: Brex - 10 Jul 2026

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

Sacra

Primer: Varo - 09 Jul 2026

Mobile banking app offering checking accounts, savings, and debit cards to consumers

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

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