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>Sacra estimates that Gusto generated $975M of revenue in 2025, up 30% year-over-year from $750M in 2024.</li><li>The customer base increased from 300,000 direct SMB customers and 700,000 via partners in August 2024 to over 400,000 direct customers by March 2025.</li><li>Gusto was valued at $9.3B during a $200M employee tender offer in June 2025.</li></ul>

Sacra estimates that Gusto generated $975M of revenue in 2025, up 30% year-over-year from $750M in 2024.The customer base increased from 300,000 direct SMB customers and 700,000 via partners in August 2024 to over 400,000 direct customers by March 2025.Gusto was valued at $9.3B during a $200M employee tender offer in June 2025.

<ul><li>Klarna reported total revenue of $2.43B in the first nine months of 2025 ($903M in Q3, $823M in Q2, $701M in Q1), up 24% year-over-year.</li><li>In September 2025, Klarna completed its IPO on the New York Stock Exchange under ticker "KLAR," raising $1.4B at a $15B opening valuation.</li><li>Klarna's platform integrates with e-commerce websites, replacing traditional checkouts.</li></ul>

Klarna reported total revenue of $2.43B in the first nine months of 2025 ($903M in Q3, $823M in Q2, $701M in Q1), up 24% year-over-year.In September 2025, Klarna completed its IPO on the New York Stock Exchange under ticker "KLAR," raising $1.4B at a $15B opening valuation.Klarna's platform integrates with e-commerce websites, replacing traditional checkouts.

<ul><li>Sacra estimates that Cardless hit $15M in annualized revenue in June 2025, following a pivot from early sports-team programs to broader co-branded cards with partners like Coinbase and Bilt.</li><li>Cardless raised $60 million in a Series C in September 2025 led by Spark Capital, bringing total funding to more than $170 million.</li><li>Cardless operates as a B2B2C platform that monetizes through multiple revenue streams tied to credit card program performance.</li></ul>

Sacra estimates that Cardless hit $15M in annualized revenue in June 2025, following a pivot from early sports-team programs to broader co-branded cards with partners like Coinbase and Bilt.Cardless raised $60 million in a Series C in September 2025 led by Spark Capital, bringing total funding to more than $170 million.Cardless operates as a B2B2C platform that monetizes through multiple revenue streams tied to credit card program performance.

<ul><li>Lithic raised $60 million in Series C funding on July 28, 2021, led by Stripes.</li><li>The Commercial Revolving Credit API launched in December 2024 enables customers to issue true revolving balance credit cards.</li><li>The solopreneurs and gig economy segment includes approximately 33 million workers in the U.S. who need business financial tools.</li></ul>

Lithic raised $60 million in Series C funding on July 28, 2021, led by Stripes.The Commercial Revolving Credit API launched in December 2024 enables customers to issue true revolving balance credit cards.The solopreneurs and gig economy segment includes approximately 33 million workers in the U.S. who need business financial tools.

United States

Card issuance and acquiring software for digital enterprises embedding payments into products

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Highnote (HIGHNOTE US)

Primer: Stripe - 18 Aug 2026

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

Sacra

Primer: Gusto - 16 Jul 2026

Payroll software for SMBs to manage employee and contractor payments, taxes, and benefits

Sacra

Primer: Klarna - 10 Jul 2026

Checkout software offering interest-free installment payments to consumers and higher conversion for merchants

Sacra

Primer: Cardless - 15 Jun 2026

Platform enabling brands to launch co-branded credit cards with integrated digital experiences and rewards

Sacra

Primer: Lithic - 27 Jan 2026

API-based platform for developers to issue and manage virtual and physical payment cards

Sacra

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