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>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.

<ul><li>Sacra estimates Lead Bank generated $180M in 2024 revenue, up 24% YoY, with 68% of revenue from interest.</li><li>Lead Bank exposes its own API so partners can open FDIC-insured accounts, originate loans, push real-time payments (ACH, RTP, Fedwire), and issue debit or virtual cards directly through Lead Bank.</li><li>Lead Bank’s growth trajectory is indexed on its marquee fintech customers Affirm at $2.8B in revenue in 2024, up 46% year-over-year, and Revolut at $4B in revenue in 2024, up 72% year-over-year.</li></ul>

Sacra estimates Lead Bank generated $180M in 2024 revenue, up 24% YoY, with 68% of revenue from interest.Lead Bank exposes its own API so partners can open FDIC-insured accounts, originate loans, push real-time payments (ACH, RTP, Fedwire), and issue debit or virtual cards directly through Lead Bank.Lead Bank’s growth trajectory is indexed on its marquee fintech customers Affirm at $2.8B in revenue in 2024, up 46% year-over-year, and Revolut at $4B in revenue in 2024, up 72% year-over-year.

<ul><li>Sacra estimates that Column generated $55.1M in revenue in 2024, up 126% year-over-year.</li><li>With no outside investors and a national charter funded by founder William Hockey’s secondary sales of Plaid stock, Column has the time optionality to grow its community-bank-cum-BaaS carefully—driving revenue for a small number of “blue chip” fintechs like Brex and Mercury.</li><li>Column now powers both Brex and Mercury—two of the biggest neobanks in the U.S.</li></ul>

Sacra estimates that Column generated $55.1M in revenue in 2024, up 126% year-over-year.With no outside investors and a national charter funded by founder William Hockey’s secondary sales of Plaid stock, Column has the time optionality to grow its community-bank-cum-BaaS carefully—driving revenue for a small number of “blue chip” fintechs like Brex and Mercury.Column now powers both Brex and Mercury—two of the biggest neobanks in the U.S.

<ul><li>Mercury has established itself as the banking platform of choice for startups with $20B in deposits and a growing suite of financial workflow products.</li><li>Mercury’s revenue model is driven primarily by interest income on its $20B in deposits—shared with banking partners like Choice and Column—with a smaller share from interchange fees and $35–$350/month SaaS, making it deposit yield–driven and sensitive to rates and venture liquidity, while Ramp and Brex are volume- and transaction-driven, monetizing spend, SaaS seats, and product expansion.</li><li>As Ramp and Brex double down on spend management, SaaS expansion and enterprise workflows that align with their business model, Mercury is leaning further into its “SVB but better” positioning—a bank account-centric platform purpose-built for startups and VCs, with treasury tools, embedded workflows, and venture-specific features layered onto a trusted deposit base.</li></ul>

Mercury has established itself as the banking platform of choice for startups with $20B in deposits and a growing suite of financial workflow products.Mercury’s revenue model is driven primarily by interest income on its $20B in deposits—shared with banking partners like Choice and Column—with a smaller share from interchange fees and $35–$350/month SaaS, making it deposit yield–driven and sensitive to rates and venture liquidity, while Ramp and Brex are volume- and transaction-driven, monetizing spend, SaaS seats, and product expansion.As Ramp and Brex double down on spend management, SaaS expansion and enterprise workflows that align with their business model, Mercury is leaning further into its “SVB but better” positioning—a bank account-centric platform purpose-built for startups and VCs, with treasury tools, embedded workflows, and venture-specific features layered onto a trusted deposit base.

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

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

Lead Bank Vs Column

TL;DR: While Brex and Mercury migrated to Column, Lead Bank has emerged as the lending-centric alternative to middleware BaaS—now powering Affirm’s...

Sacra

$55M/year Mom & Pop BaaS

TL;DR: With regulators tightening the screws on middleware banking-as-a-service players, top fintechs like Brex and Mercury are migrating to...

Sacra

Mercury At $500M Annualized Revenue

TL;DR: Mercury has established itself as the banking platform of choice for startups with $20B in deposits and a growing suite of financial...

Sacra

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