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 Klarna hit $1B in revenue in Q1 2026, up from $701M in Q1 2025.</li><li>Klarna reported adjusted operating income of $29M in Q2 2025, marking its fifth consecutive quarter of operational profitability.</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></ul>

Sacra estimates that Klarna hit $1B in revenue in Q1 2026, up from $701M in Q1 2025.Klarna reported adjusted operating income of $29M in Q2 2025, marking its fifth consecutive quarter of operational profitability.In September 2025, Klarna completed its IPO on the New York Stock Exchange under ticker "KLAR," raising $1.4B at a $15B opening valuation.

<ul><li>Varo generated $129M in gross revenue in 2023, growing 27% year-over-year from $101M in 2022.</li><li>In January 2025, Varo filed for a $55M Series G round, closing $29M with 13 investors as of February 2025.</li><li>Varo reduced customer acquisition costs by 31% in 2024.</li></ul>

Varo generated $129M in gross revenue in 2023, growing 27% year-over-year from $101M in 2022.In January 2025, Varo filed for a $55M Series G round, closing $29M with 13 investors as of February 2025.Varo reduced customer acquisition costs by 31% in 2024.

<ul><li>Sacra estimates that Scalapay generated $62 million in revenue in 2024, up 63% from $38 million in 2023.</li><li>At the time of the EIB financing, Scalapay reported serving 11+ million users and 10,000+ partner brands.</li><li>The company maintains an asset-light model by partnering with financial institutions for funding rather than holding receivables on its balance sheet.</li></ul>

Sacra estimates that Scalapay generated $62 million in revenue in 2024, up 63% from $38 million in 2023.At the time of the EIB financing, Scalapay reported serving 11+ million users and 10,000+ partner brands.The company maintains an asset-light model by partnering with financial institutions for funding rather than holding receivables on its balance sheet.

<ul><li>Sacra estimates that Pipe generated $7.1M of total revenue in 2024, with quarterly revenue stepping up from $0.6M in Q1 to $1.2M in Q2 to $2.2M in Q3 to $3.1M in Q4.</li><li>Pipe raised $250M in Series C funding in May 2021 at a $2B valuation, led by Greenspring Associates with participation from Shopify, HubSpot, Slack, and other strategic investors.</li><li>Total funding raised across equity and debt facilities exceeds $400M, providing Pipe with significant capital to scale its embedded finance platform and expand internationally.</li></ul>

Sacra estimates that Pipe generated $7.1M of total revenue in 2024, with quarterly revenue stepping up from $0.6M in Q1 to $1.2M in Q2 to $2.2M in Q3 to $3.1M in Q4.Pipe raised $250M in Series C funding in May 2021 at a $2B valuation, led by Greenspring Associates with participation from Shopify, HubSpot, Slack, and other strategic investors.Total funding raised across equity and debt facilities exceeds $400M, providing Pipe with significant capital to scale its embedded finance platform and expand internationally.

<ul><li>Petal grew revenue 4.5X in 2021, from $11M to $50M.</li><li>Petal was acquired by Empower Finance in April 2024.</li><li>Recently, Petal announced it would be spinning out the software it uses to run this process—CashScore—and selling it to other fintechs under the name Prism Data.</li></ul>

Petal grew revenue 4.5X in 2021, from $11M to $50M.Petal was acquired by Empower Finance in April 2024.Recently, Petal announced it would be spinning out the software it uses to run this process—CashScore—and selling it to other fintechs under the name Prism Data.

United States

Klarna is a Swedish fintech company that provides online financial services. The company provides payment processing services for the e-commerce industry.

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Klarna Group (KLAR US)

Primer: Klarna - 25 May 2026

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

Sacra

Primer: Varo - 19 Apr 2026

Mobile banking app offering checking accounts, savings, and debit cards to consumers

Sacra

Primer: Scalapay - 17 Feb 2026

Payment solution enabling customers to buy now and pay later through interest-free installments

Sacra

Primer: Pipe - 15 Dec 2025

Embedded fintech provider of capital, cards & expense management for vertical SaaS & marketplaces

Sacra

Primer: Petal - 15 Aug 2025

Credit card and mobile app offering cash flow underwriting for underserved consumers

Sacra

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