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 Stripe hit $6.8B in revenue in 2025, up 33% year-over-year from $5.1B in 2024, with $1.2B in EBITDA.</li><li>Stripe reported total payment volume of $1.9T in 2025, up 34% year-over-year from $1.4T in 2024.</li><li>In February 2026, Stripe launched a new employee liquidity tender offer at a $159B valuation, backed primarily by Thrive Capital, Coatue, and Andreessen Horowitz.</li></ul>

Sacra estimates that Stripe hit $6.8B in revenue in 2025, up 33% year-over-year from $5.1B in 2024, with $1.2B in EBITDA.Stripe reported total payment volume of $1.9T in 2025, up 34% year-over-year from $1.4T in 2024.In February 2026, Stripe launched a new employee liquidity tender offer at a $159B valuation, backed primarily by Thrive Capital, Coatue, and Andreessen Horowitz.

<ul><li>Checkout friction in external linking still favors Apple’s in-app flow even at the 30% fee, but the pain line starts at $5-10M in annual revenue for developers to consider routing payments externally to their existing payment processor for web payments like Stripe or Adyen.</li><li>For global enterprises opting out of Apple’s in-app payments, the solution isn’t just Stripe or a single payment processor; it means bringing together a number of regional payment providers like Stripe (US), Adyen (EU), PortOne (South Korea) & Airwallex (SEA) that use local bank rails and enforce local regulation like real-time e-invoicing mandates (EU, LatAm).</li><li>Unbundling their stack from vertically-integrated Stripe payments, billing and tax products, enterprise-level customers shift towards best-in-breed financial SaaS point solutions as they grow — for example in sales tax, adopting an independent tax layer in Taxwire, Anrok ($54M raised, Sequoia) & Avalara (acquired by Vista Equity Partners for $8.4B) that spans multiple payment processors and ledgers.</li></ul>

Checkout friction in external linking still favors Apple’s in-app flow even at the 30% fee, but the pain line starts at $5-10M in annual revenue for developers to consider routing payments externally to their existing payment processor for web payments like Stripe or Adyen.For global enterprises opting out of Apple’s in-app payments, the solution isn’t just Stripe or a single payment processor; it means bringing together a number of regional payment providers like Stripe (US), Adyen (EU), PortOne (South Korea) & Airwallex (SEA) that use local bank rails and enforce local regulation like real-time e-invoicing mandates (EU, LatAm).Unbundling their stack from vertically-integrated Stripe payments, billing and tax products, enterprise-level customers shift towards best-in-breed financial SaaS point solutions as they grow — for example in sales tax, adopting an independent tax layer in Taxwire, Anrok ($54M raised, Sequoia) & Avalara (acquired by Vista Equity Partners for $8.4B) that spans multiple payment processors and ledgers.

Andrew Rea, CEO Of Taxwire, On Why Enterprises Need More Than Stripe

<ul><li>On April 30th, a federal judge barred Apple from impeding external payment links in iOS apps and prohibited charging commissions on purchases made outside of Apple.</li><li>Five years later, Judge Yvonne Gonzalez Rogers has ruled that Apple must let developers use external payments without fees—effectively unbundling App Store billing from iOS distribution.</li><li>Stripe, with its iOS SDK and $1.4T in yearly payments volume, stands to benefit the most from $90B in App Store volume freed up by this ruling.</li></ul>

On April 30th, a federal judge barred Apple from impeding external payment links in iOS apps and prohibited charging commissions on purchases made outside of Apple.Five years later, Judge Yvonne Gonzalez Rogers has ruled that Apple must let developers use external payments without fees—effectively unbundling App Store billing from iOS distribution.Stripe, with its iOS SDK and $1.4T in yearly payments volume, stands to benefit the most from $90B in App Store volume freed up by this ruling.

<ul><li>ServiceTitan launched in 2012 as vertical software for plumbing, electrical, and HVAC businesses, giving owners a SaaS dashboard master view into their cash flow, scheduling, and marketing performance, along with a mobile app for technicians to access customer information in the field.</li><li>The rising trend of private equity (PE) roll-ups in the trades has been a big tailwind—total buyout deal value in the U.S. grew from ~$200B in 2020 to $600B in 2021—as new PE owners look for tech to optimize their operations and get end-to-end metrics across all of their holdings.</li><li>Sacra estimates that ServiceTitan did $577M in revenue in 2023, up 25% from $460M in 2022, with card payments and upsells by field techs via their Square-like mobile app as their fastest-growing source of revenue.</li></ul>

ServiceTitan launched in 2012 as vertical software for plumbing, electrical, and HVAC businesses, giving owners a SaaS dashboard master view into their cash flow, scheduling, and marketing performance, along with a mobile app for technicians to access customer information in the field.The rising trend of private equity (PE) roll-ups in the trades has been a big tailwind—total buyout deal value in the U.S. grew from ~$200B in 2020 to $600B in 2021—as new PE owners look for tech to optimize their operations and get end-to-end metrics across all of their holdings.Sacra estimates that ServiceTitan did $577M in revenue in 2023, up 25% from $460M in 2022, with card payments and upsells by field techs via their Square-like mobile app as their fastest-growing source of revenue.

ServiceTitan: The $577M/year Vertical SaaS For Your Lawn

<ul><li>We primarily serve software platforms who need to move money between a buyer and a seller.</li><li>Finix works with startups to publicly traded companies, and that's exactly the point.</li><li>Platforms are our focus area.</li></ul>

We primarily serve software platforms who need to move money between a buyer and a seller.Finix works with startups to publicly traded companies, and that's exactly the point.Platforms are our focus area.

Jareau Wadé, Chief Growth Officer At Finix, On Building Payments Infrastructure For SaaS Companies

United States

API and software for SaaS platforms to manage embedded payments and sub-merchants

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

Finix (FINIX US)

Primer: Stripe - 18 Aug 2026

API and software suite for accepting payments and managing online financial transactions

Sacra

Andrew Rea, CEO Of Taxwire, On Why Enterprises Need More Than Stripe

Apple doesn't only provide distribution (saving on sales & marketing expenses) and payments but it also handles fraud, chargebacks, subscriptions,...

Sacra

Stripe Vs Apple

TL;DR: On April 30th, a federal judge barred Apple from impeding external payment links in iOS apps and prohibited charging commissions on...

Sacra

ServiceTitan: The $577M/year Vertical SaaS For Your Lawn

TL;DR: Riding on the wave of COVID digital transformation and private equity roll-ups of trade businesses, ServiceTitan hit $577M in revenue in...

Sacra

Jareau Wadé, Chief Growth Officer At Finix, On Building Payments Infrastructure For SaaS Companies

The Sacra interview with Jareau Wadé, Chief Growth Officer at payment facilitator Finix, on the modern payments stack, Stripe, and why how...

Sacra

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)