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 Airbase hit $70M in revenue in 2023, growing 27% year-over-year, with a current valuation of $641.5M.</li><li>The company&#39;s growth has been driven by strong product adoption among mid-market finance teams seeking comprehensive spend management solutions.</li><li>Airbase&#39;s customer base includes dozens of public companies and organizations with 1000+ employees.</li></ul>

Sacra estimates Airbase hit $70M in revenue in 2023, growing 27% year-over-year, with a current valuation of $641.5M.The company&#39;s growth has been driven by strong product adoption among mid-market finance teams seeking comprehensive spend management solutions.Airbase&#39;s customer base includes dozens of public companies and organizations with 1000+ employees.

<ul><li>Brex is directly integrated with Mastercard.</li><li>Going global shifts Brex’s competitive set to multinational banks like Citi and HSBC.</li><li>Our goal with having a global focus is to satisfy customer needs for one global limit for all of their employees around the world.</li></ul>

Brex is directly integrated with Mastercard.Going global shifts Brex’s competitive set to multinational banks like Citi and HSBC.Our goal with having a global focus is to satisfy customer needs for one global limit for all of their employees around the world.

Art Levy, Chief Business Officer At Brex, On The Strategy Of Brex Embedded

<ul><li>We wanted to learn more about the Melbourne-based Airwallex, which recently surpassed $100B in transaction volume and announced that it plans to go public in 2026.</li><li>COVID brought a surge in cross-border payments, helping Airwallex grow to $30B in annualized volume in 2021 and $100B as of July 2024 (up 73% YoY), with 100,000 customers for about $1M in payments volume per customer and a revenue run rate of $500M (up ~80% YoY).</li><li>Airwallex is pushing aggressively into Europe, the UK, and the Americas as an embedded finance platform—60% of revenue now comes from its API and products like Payments for Platforms (a la Stripe Connect)—to get distribution into the highly saturated fintech ecosystem of the West and the 100M+ SMBs it serves.</li></ul>

We wanted to learn more about the Melbourne-based Airwallex, which recently surpassed $100B in transaction volume and announced that it plans to go public in 2026.COVID brought a surge in cross-border payments, helping Airwallex grow to $30B in annualized volume in 2021 and $100B as of July 2024 (up 73% YoY), with 100,000 customers for about $1M in payments volume per customer and a revenue run rate of $500M (up ~80% YoY).Airwallex is pushing aggressively into Europe, the UK, and the Americas as an embedded finance platform—60% of revenue now comes from its API and products like Payments for Platforms (a la Stripe Connect)—to get distribution into the highly saturated fintech ecosystem of the West and the 100M+ SMBs it serves.

<ul><li>In the late 2010s, investors were bullish on digital neobanks like Chime (US), Monzo (UK), and N26 (Germany) because of their rapid growth to millions of users and their structurally lower CAC vs. traditional banks (~$100 vs. $650-700).</li><li>During COVID, CACs went up across the industry as new neobanks proliferated, but when interest rates fell to 0%, it exposed that most of them were swimming naked, with only 5% being profitable.</li><li>As interest rates increased from 0% to ~5%, the outlook for the top neobanks has brightened, with accelerating revenue growth from deposits and lending (interest income was up 167% YoY at Monzo).</li></ul>

In the late 2010s, investors were bullish on digital neobanks like Chime (US), Monzo (UK), and N26 (Germany) because of their rapid growth to millions of users and their structurally lower CAC vs. traditional banks (~$100 vs. $650-700).During COVID, CACs went up across the industry as new neobanks proliferated, but when interest rates fell to 0%, it exposed that most of them were swimming naked, with only 5% being profitable.As interest rates increased from 0% to ~5%, the outlook for the top neobanks has brightened, with accelerating revenue growth from deposits and lending (interest income was up 167% YoY at Monzo).

<ul><li>Kapital ( has seen product-market fit around their stablecoin treasury product that lets companies deposit money and hold it in Circle's USD-denominated stablecoin USDC, with "almost every company" using it to de-risk against the high volatility of local currencies like the Colombian peso.</li><li>As payment rails, Kapital uses USDC to settle international transfers for their customers fast (in minutes) and cheaply (~$0.0037 per transaction) vs. paying ~$50 to send a wire and 1-3% on currency exchange fees.</li><li>While incumbent banks move money slowly & expensively and monetize on each transaction, Kapital is aiming to be fast & cheap and drive volume through value-added products like Kapital Flex (buy-now-pay-later for B2B procurement) and engagement & retention for its core subscription SaaS platform.</li></ul>

Kapital ( has seen product-market fit around their stablecoin treasury product that lets companies deposit money and hold it in Circle's USD-denominated stablecoin USDC, with "almost every company" using it to de-risk against the high volatility of local currencies like the Colombian peso.As payment rails, Kapital uses USDC to settle international transfers for their customers fast (in minutes) and cheaply (~$0.0037 per transaction) vs. paying ~$50 to send a wire and 1-3% on currency exchange fees.While incumbent banks move money slowly & expensively and monetize on each transaction, Kapital is aiming to be fast & cheap and drive volume through value-added products like Kapital Flex (buy-now-pay-later for B2B procurement) and engagement & retention for its core subscription SaaS platform.

Mexico

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

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Kapital (KAPITAL MX)

Primer: Airbase - 17 Nov 2024

Software for mid-market finance teams to manage procurement, expenses, and vendor payments

Sacra

Art Levy, Chief Business Officer At Brex, On The Strategy Of Brex Embedded

What is Brex Embedded, who are its customers, how do they (and their end customers use it), and why did you build it...

Sacra

Airwallex At $100B TPV

TL;DR: Sacra estimates that Airwallex hit $100B in annual transaction volume in 2024, up 73% year-over-year, for a revenue run rate of $500M. Now,...

Sacra

The Neobank Capital Cycle

TL;DR: The higher interest rate environment of the last few years forced underperforming neobanks to shut down, but the top players are doing...

Sacra

Stablecoin Diplomacy

TL;DR: As B2B neobanks in the U.S. raced to offer FDIC insurance and treasury products in the wake of SVB's collapse, a parallel trend has played...

Sacra

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