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>Lead Bank is emerging as the regulated banking backbone of the U.S. stablecoin economy.</li><li>Lead Bank's non-interest income grew 83% YoY versus 53% for net interest income, driven by its partnership as the issuing bank behind the Stripe/Bridge/Visa stablecoin card program, capturing the upside of $4.5B in stablecoin-linked card spend across cards from Phantom, MetaMask and Coinbase Wallet (up 673% from 2024) via interchange, payment processing fees & BaaS fees.</li><li>While Lead Bank goes deep on crypto, Column ($153M in revenue in 2025, up 219% YoY) is expanding into Africa and Central Asia to address the demand for USD-denominated financial infrastructure, while newest entrant Erebor ($350M raised, Lux Capital) from Anduril's Palmer Luckey and Palantir co-founder Joe Lonsdale is positioning itself as the “American Dynamism” option tailored for AI & defense companies, offering loans secured by GPUs and credit facilities using government contracts as collateral.</li></ul>

Lead Bank is emerging as the regulated banking backbone of the U.S. stablecoin economy.Lead Bank's non-interest income grew 83% YoY versus 53% for net interest income, driven by its partnership as the issuing bank behind the Stripe/Bridge/Visa stablecoin card program, capturing the upside of $4.5B in stablecoin-linked card spend across cards from Phantom, MetaMask and Coinbase Wallet (up 673% from 2024) via interchange, payment processing fees & BaaS fees.While Lead Bank goes deep on crypto, Column ($153M in revenue in 2025, up 219% YoY) is expanding into Africa and Central Asia to address the demand for USD-denominated financial infrastructure, while newest entrant Erebor ($350M raised, Lux Capital) from Anduril's Palmer Luckey and Palantir co-founder Joe Lonsdale is positioning itself as the “American Dynamism” option tailored for AI & defense companies, offering loans secured by GPUs and credit facilities using government contracts as collateral.

<ul><li>Sacra estimates that Column generated $153.1M in revenue in 2025, up 219% year-over-year.</li><li>Column's future growth potential is tied to the success of its marquee partners.</li><li>The regulatory environment for these relationships has become increasingly stringent, and the resulting instability has driven clients toward Column.</li></ul>

Sacra estimates that Column generated $153.1M in revenue in 2025, up 219% year-over-year.Column's future growth potential is tied to the success of its marquee partners.The regulatory environment for these relationships has become increasingly stringent, and the resulting instability has driven clients toward Column.

<ul><li>Sacra estimates that Slash hit $255M in annualized revenue in March 2026, up from $235M at the end of 2025.</li><li>Slash raised $41.6 million in Series B funding in May 2025 led by Goodwater Capital, bringing its valuation to $370 million.</li><li>The company processes over $3 billion in annualized card spend across 5,000+ business customers.</li></ul>

Sacra estimates that Slash hit $255M in annualized revenue in March 2026, up from $235M at the end of 2025.Slash raised $41.6 million in Series B funding in May 2025 led by Goodwater Capital, bringing its valuation to $370 million.The company processes over $3 billion in annualized card spend across 5,000+ business customers.

<ul><li>Sacra estimates that Mercury hit $650M in annualized revenue in September 2025, up from $500M in 2024.</li><li>The company experienced explosive growth following Silicon Valley Bank&#39;s collapse in early 2023, capturing $2B in new deposits within just five days as startups sought safer banking alternatives.</li><li>Mercury&#39;s business model benefits significantly from the current high interest rate environment.</li></ul>

Sacra estimates that Mercury hit $650M in annualized revenue in September 2025, up from $500M in 2024.The company experienced explosive growth following Silicon Valley Bank&#39;s collapse in early 2023, capturing $2B in new deposits within just five days as startups sought safer banking alternatives.Mercury&#39;s business model benefits significantly from the current high interest rate environment.

<ul><li>Mercury both moved customers off of its former banking partner Evolve Bank &amp; Trust and continued to grow in the face of interest rate cuts.</li><li>Sacra estimates Mercury hit $650M in annualized revenue as of September 2025, up from $500M at the end of 2024.</li><li>Two Fed interest rate cuts in the fall of 2025 impacted Mercury’s revenue growth, which centers on interest revenue from deposits, trending at 41% YoY in 2025 down from 97% YoY in 2024.</li></ul>

Mercury both moved customers off of its former banking partner Evolve Bank &amp; Trust and continued to grow in the face of interest rate cuts.Sacra estimates Mercury hit $650M in annualized revenue as of September 2025, up from $500M at the end of 2024.Two Fed interest rate cuts in the fall of 2025 impacted Mercury’s revenue growth, which centers on interest revenue from deposits, trending at 41% YoY in 2025 down from 97% YoY in 2024.

United States

Developer infrastructure bank enabling builders to create new financial products and services

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Column (COLUMN US)

Stripe's Stablecoin Bank

TL;DR: Now powering the Stripe/Bridge/Visa stablecoin card program, vertically integrated community bank Lead Bank is emerging as the regulated...

Sacra

Primer: Column - 16 Mar 2026

Developer infrastructure bank enabling builders to create new financial products and services

Sacra

Primer: Slash - 21 May 2026

Business banking platform offering deposit accounts, corporate cards, and industry-specific financial solutions

Sacra

Primer: Mercury - 10 Mar 2026

Banking software for startups offering checking accounts, cards, treasury, and venture debt

Sacra

Mercury At $650M/year

TL;DR: Confronting two major challenges in 2025, Mercury both moved customers off of its former banking partner Evolve Bank & Trust and continued...

Sacra

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