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>Revolut generated £4.5B ($6.0B) in revenue in 2025, up ~50% year-over-year from £3.1B ($4.0B) in FY2024, with profit before tax of £1.7B ($2.3B, 38% PBT margin, +57% YoY) and net profit of £1.3B ($1.7B).</li><li>Management has set a long-term target of reaching 100M retail customers by mid-2027 across 100+ countries, supported by a $13B five-year investment commitment.</li><li>Revolut confirmed it had begun a company-sponsored secondary share sale at $2,017 per share, implying a $115 billion valuation and targeting at least $750 million of existing shares.</li></ul>

Revolut generated £4.5B ($6.0B) in revenue in 2025, up ~50% year-over-year from £3.1B ($4.0B) in FY2024, with profit before tax of £1.7B ($2.3B, 38% PBT margin, +57% YoY) and net profit of £1.3B ($1.7B).Management has set a long-term target of reaching 100M retail customers by mid-2027 across 100+ countries, supported by a $13B five-year investment commitment.Revolut confirmed it had begun a company-sponsored secondary share sale at $2,017 per share, implying a $115 billion valuation and targeting at least $750 million of existing shares.

<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).

Chime Financial / Private Capital Markets

<ul><li>Sacra estimates that Chime generated $2.19B in revenue in 2025, up 31% from $1.7B in 2024 (and $1.3B in 2023).</li><li>Chime reported its first GAAP profit in Q2 2026, ahead of its full-year GAAP profitability target.</li><li>Chime projects reaching $3.7B in revenue by 2028.</li></ul>

Sacra estimates that Chime generated $2.19B in revenue in 2025, up 31% from $1.7B in 2024 (and $1.3B in 2023).Chime reported its first GAAP profit in Q2 2026, ahead of its full-year GAAP profitability target.Chime projects reaching $3.7B in revenue by 2028.

<ul><li>Sacra estimates that Super.com hit $200M in annualized revenue in July 2025, with just over 200 employees, following its 2022 relaunch into a savings-and-travel superapp anchored by the Super+ membership.</li><li>The company originated as SnapTravel’s hotel-deals bot and, after surpassing $1B in annual travel GMV in 2024, expanded beyond OTA economics into financial services inside a single wallet.</li><li>Super.com employs a B2C super app model that combines transactional, subscription, and financial service revenue streams.</li></ul>

Sacra estimates that Super.com hit $200M in annualized revenue in July 2025, with just over 200 employees, following its 2022 relaunch into a savings-and-travel superapp anchored by the Super+ membership.The company originated as SnapTravel’s hotel-deals bot and, after surpassing $1B in annual travel GMV in 2024, expanded beyond OTA economics into financial services inside a single wallet.Super.com employs a B2C super app model that combines transactional, subscription, and financial service revenue streams.

<ul><li>After raising $152M and pushing past $1B in annual travel GMV in 2024, Super.com's aim is to build the core membership-based product for financial wellness.</li><li>Seeking deeper engagement & share-of-wallet and higher LTV, low-to-mid-income fintech apps like Cash App (NYSE: XYZ), Rocket Money (NYSE: RKT) and Chime ($1.7B revenue in 2024, up 31% YoY) are bundling together coupons & discounts, cash advance, credit-builder card, budgeting, micro-earnings, and cash-back all into one app & wallet.</li><li>We are trying to build the world's most valuable membership program for the everyday American. I would love every American to have three memberships: Amazon Prime, Costco, and Super+.</li></ul>

After raising $152M and pushing past $1B in annual travel GMV in 2024, Super.com's aim is to build the core membership-based product for financial wellness.Seeking deeper engagement & share-of-wallet and higher LTV, low-to-mid-income fintech apps like Cash App (NYSE: XYZ), Rocket Money (NYSE: RKT) and Chime ($1.7B revenue in 2024, up 31% YoY) are bundling together coupons & discounts, cash advance, credit-builder card, budgeting, micro-earnings, and cash-back all into one app & wallet.We are trying to build the world's most valuable membership program for the everyday American. I would love every American to have three memberships: Amazon Prime, Costco, and Super+.

Hussein Fazal, CEO Of Super.Com, On The paycheck-to-paycheck Super App

United States

Dave Inc. operates as a digital banking services company. The Company develops banking application to build products that level the financial playing field. Dave serves customers worldwide.

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Dave (DAVE US)

Primer: Revolut - 24 Jul 2026

Mobile banking app offering checking, savings, investing, and lending for global consumers

Sacra

Primer: Varo - 09 Jul 2026

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

Sacra

Primer: Chime - 01 Jul 2026

Mobile banking app offering no-fee accounts and early paycheck access for low-income consumers

Sacra

Primer: Super.com - 01 Sep 2025

All-in-one app to save money, earn cash, and book discounted hotels with cashback and financial services

Sacra

Hussein Fazal, CEO Of Super.Com, On The paycheck-to-paycheck Super App

Tell us about the original founding insight behind Super.com—what was the wedge, and what early product-market fit told you that there was...

Sacra

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