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 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.

<ul><li>Sacra estimates that Kapital hit $184M in annualized revenue at the end of 2024, up 156% year-over-year from $72M in 2023.</li><li>Flex is Kapital’s “star product”, propelling total payment volume to $8.4B in 2024, up 298% from $2.1B in 2023.</li><li>The lack of LatAm competition in SMB fintech SaaS and digital native banks has enabled Kapital’s all-in-one expansion from the bank account.</li></ul>

Sacra estimates that Kapital hit $184M in annualized revenue at the end of 2024, up 156% year-over-year from $72M in 2023.Flex is Kapital’s “star product”, propelling total payment volume to $8.4B in 2024, up 298% from $2.1B in 2023.The lack of LatAm competition in SMB fintech SaaS and digital native banks has enabled Kapital’s all-in-one expansion from the bank account.

<ul><li>Sacra estimates that Airwallex hit $700M in annualized revenue in March 2025, up 69.7% from ~$413M in March 2024, with transaction volume increasing to $130B across 150,000 businesses globally.</li><li>Founded in 2015 in Melbourne, Airwallex operates a global payments infrastructure that bypasses traditional banking rails, allowing businesses to hold, convert, and move money across borders at drastically lower costs than banks through a proprietary network that processes 93% of transactions outside of SWIFT.</li><li>Airwallex’s push into Latin America—through acquiring MexPago (Mexico) and securing a payment institution license in Brazil—positions Airwallex to capture the region's exploding cross-border commerce flows (cross-border represents 22% of Mexico's e-commerce with 44% annual growth), while its recent acquisition of CTIN Pay in Vietnam and announced expansion into Malaysia and South Korea extend its already-dominant APAC footprint where revenues grew 83% year-over-year in Q3 2024.</li></ul>

Sacra estimates that Airwallex hit $700M in annualized revenue in March 2025, up 69.7% from ~$413M in March 2024, with transaction volume increasing to $130B across 150,000 businesses globally.Founded in 2015 in Melbourne, Airwallex operates a global payments infrastructure that bypasses traditional banking rails, allowing businesses to hold, convert, and move money across borders at drastically lower costs than banks through a proprietary network that processes 93% of transactions outside of SWIFT.Airwallex’s push into Latin America—through acquiring MexPago (Mexico) and securing a payment institution license in Brazil—positions Airwallex to capture the region's exploding cross-border commerce flows (cross-border represents 22% of Mexico's e-commerce with 44% annual growth), while its recent acquisition of CTIN Pay in Vietnam and announced expansion into Malaysia and South Korea extend its already-dominant APAC footprint where revenues grew 83% year-over-year in Q3 2024.

<ul><li>In Latin America's volatile business environment—currency fluctuations, shifting trade tariffs, and unpredictable interest rate cycles— Kapital has adapted to monetize in any economic condition, generating revenue from deposits when rates are high, financing "buy now, pay later" through Kapital Flex when rates fall, and providing stablecoin options when local currencies destabilize.</li><li>Starting in Mexico, Kapital initially expanded to Colombia over Brazil, looking to expand into large markets first in LatAm and then globally that lack competition to servicing SMEs (less than 250 employees, ~50% of global employment), particularly where incumbent banks consider them too small for relationship banking and fintechs focus on consumer.</li><li>The lack of competition in these markets has given Kapital a head start to roll up the bank account (Mercury), corporate card (Brex), expense management (Ramp), AP/AR (Bill.com), and treasury (Meow) into an all-in-one, with line of sight into rolling up the entire SME backoffice including HR, payroll, and employee benefits.</li></ul>

In Latin America's volatile business environment—currency fluctuations, shifting trade tariffs, and unpredictable interest rate cycles— Kapital has adapted to monetize in any economic condition, generating revenue from deposits when rates are high, financing "buy now, pay later" through Kapital Flex when rates fall, and providing stablecoin options when local currencies destabilize.Starting in Mexico, Kapital initially expanded to Colombia over Brazil, looking to expand into large markets first in LatAm and then globally that lack competition to servicing SMEs (less than 250 employees, ~50% of global employment), particularly where incumbent banks consider them too small for relationship banking and fintechs focus on consumer.The lack of competition in these markets has given Kapital a head start to roll up the bank account (Mercury), corporate card (Brex), expense management (Ramp), AP/AR (Bill.com), and treasury (Meow) into an all-in-one, with line of sight into rolling up the entire SME backoffice including HR, payroll, and employee benefits.

Fernando Sandoval, co-founder Of Kapital, On Tropicalizing Brex For LatAm

Mexico

Banking and finance software for LatAm SMBs with built-in ERP, lending, and payments

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Kapital (KAPITAL MX)

$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

Kapital At $184M/yr Growing 156% YoY

TL;DR: Over the past year, Kapital has layered lending, stablecoins, and treasury tools on top of its core banking platform to meet the cash flow...

Sacra

Airwallex At $700M Revenue

TL;DR: Airwallex is evolving from a cross-border payments provider to global-first financial infrastructure, with corporate cards and payments now...

Sacra

Fernando Sandoval, co-founder Of Kapital, On Tropicalizing Brex For LatAm

I'd like to begin by framing everything - what were the things that really gave you momentum last year? And which areas of the business did you...

Sacra

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