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>Rain raised $58 million in August 2025 in a Series B led by Sapphire Ventures, bringing total funding to $88.5 million.</li><li>Rain supports multiple stablecoins including USDC, USDT, DAI, and PYUSD across various blockchain networks like Ethereum, Polygon, Base, Solana, and Stellar.</li><li>Rain operates in over 100 countries and is using its Series A funding to expand compliance capabilities in high-growth regions like Latin America and the Middle East.</li></ul>

Rain raised $58 million in August 2025 in a Series B led by Sapphire Ventures, bringing total funding to $88.5 million.Rain supports multiple stablecoins including USDC, USDT, DAI, and PYUSD across various blockchain networks like Ethereum, Polygon, Base, Solana, and Stellar.Rain operates in over 100 countries and is using its Series A funding to expand compliance capabilities in high-growth regions like Latin America and the Middle East.

<ul><li>In June 2023, Bond was acquired by FIS.</li><li>Bond provides the technological infrastructure that enables companies to offer financial services without becoming banks themselves.</li><li>Following acquisition by FIS, Bond became part of the Atelio platform, strengthening its enterprise focus and positioning the combined entity to leverage FIS's established banking relationships and infrastructure.</li></ul>

In June 2023, Bond was acquired by FIS.Bond provides the technological infrastructure that enables companies to offer financial services without becoming banks themselves.Following acquisition by FIS, Bond became part of the Atelio platform, strengthening its enterprise focus and positioning the combined entity to leverage FIS's established banking relationships and infrastructure.

<ul><li>Today, we’re increasingly seeing fintechs diversifying, moving towards alternate models of monetization like subscriptions, interest from deposits and lending, and tips.</li><li>The fintech industry is seeing a trend of consolidation, with larger platforms acquiring smaller fintechs to leverage established customer bases and cross-sell financial products.</li><li>Real-time payments (RTP) may not significantly threaten card networks for consumer-to-business transactions but could revolutionize disbursements and payroll processes.</li></ul>

Today, we’re increasingly seeing fintechs diversifying, moving towards alternate models of monetization like subscriptions, interest from deposits and lending, and tips.The fintech industry is seeing a trend of consolidation, with larger platforms acquiring smaller fintechs to leverage established customer bases and cross-sell financial products.Real-time payments (RTP) may not significantly threaten card networks for consumer-to-business transactions but could revolutionize disbursements and payroll processes.

<ul><li>We got really interested in stablecoins, and saw that they might be able to solve some of the problems that we were having really well.</li><li>We&#39;re making the bet that digital money is going to require the rebuilding of a brand new infrastructure that doesn&#39;t yet exist.</li><li>Our goal has been to unlock as many of these different use cases and provide customers with as many modular options as they want.</li></ul>

We got really interested in stablecoins, and saw that they might be able to solve some of the problems that we were having really well.We&#39;re making the bet that digital money is going to require the rebuilding of a brand new infrastructure that doesn&#39;t yet exist.Our goal has been to unlock as many of these different use cases and provide customers with as many modular options as they want.

Farooq Malik And Charles Naut, co-founders Of Rain, On stablecoin-backed Credit Cards

<ul><li>Our platform gives our customers a high degree of customization and control so they can deliver a bespoke experience to their end customers.</li><li>Cards generally just work and transfer money in real time.</li><li>Flawless reconciliation, within 12 hours for example, is really important because it's part of your business.</li></ul>

Our platform gives our customers a high degree of customization and control so they can deliver a bespoke experience to their end customers.Cards generally just work and transfer money in real time.Flawless reconciliation, within 12 hours for example, is really important because it's part of your business.

Bo Jiang, CEO Of Lithic, On The Power Of The Cards As A Digital Payment Rail

United States

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

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Highnote (HIGHNOTE US)

Primer: Rain - 28 Aug 2025

Corporate card and expense software backed by self-custodied stablecoin collateral

Sacra

Primer: Bond - 16 Apr 2025

API-based software for embedding cards, accounts, and payments into vertical SaaS products

Sacra

The Future Of Interchange

Early fintechs like Chime scaled to $100M+ with nearly all their revenue coming from interchange—the fee they generate every time their customers...

Sacra

Farooq Malik And Charles Naut, co-founders Of Rain, On stablecoin-backed Credit Cards

What is Rain in short and what inspired you guys to build it...

Sacra

Bo Jiang, CEO Of Lithic, On The Power Of The Cards As A Digital Payment Rail

Are there specific developer use cases that only Lithic can support and why...

Sacra

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

Primer: Rain - 28 Aug 2025

Corporate card and expense software backed by self-custodied stablecoin collateral

Sacra

Primer: Bond - 16 Apr 2025

API-based software for embedding cards, accounts, and payments into vertical SaaS products

Sacra

The Future Of Interchange

​​Early fintechs like Chime scaled to $100M+ with nearly all their revenue coming from interchange—the fee they generate every time their customers...

Sacra

Farooq Malik And Charles Naut, co-founders Of Rain, On stablecoin-backed Credit Cards

What is Rain in short and what inspired you guys to build it...

Sacra

Bo Jiang, CEO Of Lithic, On The Power Of The Cards As A Digital Payment Rail

Are there specific developer use cases that only Lithic can support and why...

Sacra

Early fintechs like Chime scaled to $100M+ with nearly all their revenue coming from interchange—the fee they generate every time their customers...