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 Lead Bank generated $124M in adjusted revenue in 2025, up 65% from $75M in 2024.</li><li>Lead Bank was acquired by Luna Parent, Inc. in 2022 for $56 million, a holding company formed by a group of fintech-focused investors led by Jackie Reses, a former Square/Block executive.</li><li>In September 2025, Lead Bank closed a $70 million Series B at a $1.47 billion post-money valuation—nearly double its prior-year mark.</li></ul>

Sacra estimates that Lead Bank generated $124M in adjusted revenue in 2025, up 65% from $75M in 2024.Lead Bank was acquired by Luna Parent, Inc. in 2022 for $56 million, a holding company formed by a group of fintech-focused investors led by Jackie Reses, a former Square/Block executive.In September 2025, Lead Bank closed a $70 million Series B at a $1.47 billion post-money valuation—nearly double its prior-year mark.

<ul><li>Lead Bank is emerging as the regulated banking backbone of the U.S. stablecoin economy.</li><li>Lead Bank's non-interest income grew 83% YoY versus 53% for net interest income, driven by its partnership as the issuing bank behind the Stripe/Bridge/Visa stablecoin card program, capturing the upside of $4.5B in stablecoin-linked card spend across cards from Phantom, MetaMask and Coinbase Wallet (up 673% from 2024) via interchange, payment processing fees & BaaS fees.</li><li>While Lead Bank goes deep on crypto, Column ($153M in revenue in 2025, up 219% YoY) is expanding into Africa and Central Asia to address the demand for USD-denominated financial infrastructure, while newest entrant Erebor ($350M raised, Lux Capital) from Anduril's Palmer Luckey and Palantir co-founder Joe Lonsdale is positioning itself as the “American Dynamism” option tailored for AI & defense companies, offering loans secured by GPUs and credit facilities using government contracts as collateral.</li></ul>

Lead Bank is emerging as the regulated banking backbone of the U.S. stablecoin economy.Lead Bank's non-interest income grew 83% YoY versus 53% for net interest income, driven by its partnership as the issuing bank behind the Stripe/Bridge/Visa stablecoin card program, capturing the upside of $4.5B in stablecoin-linked card spend across cards from Phantom, MetaMask and Coinbase Wallet (up 673% from 2024) via interchange, payment processing fees & BaaS fees.While Lead Bank goes deep on crypto, Column ($153M in revenue in 2025, up 219% YoY) is expanding into Africa and Central Asia to address the demand for USD-denominated financial infrastructure, while newest entrant Erebor ($350M raised, Lux Capital) from Anduril's Palmer Luckey and Palantir co-founder Joe Lonsdale is positioning itself as the “American Dynamism” option tailored for AI & defense companies, offering loans secured by GPUs and credit facilities using government contracts as collateral.

<ul><li>Sacra estimates that Column generated $153.1M in revenue in 2025, up 219% year-over-year.</li><li>Column remains entirely founder- and employee-owned, with no external investors.</li><li>Column's upside case involves capturing a growing share of the $66B embedded finance market.</li></ul>

Sacra estimates that Column generated $153.1M in revenue in 2025, up 219% year-over-year.Column remains entirely founder- and employee-owned, with no external investors.Column's upside case involves capturing a growing share of the $66B embedded finance market.

<ul><li>Sacra estimates Lead Bank generated $180M in 2024 revenue, up 24% YoY, with 68% of revenue from interest.</li><li>Lead Bank exposes its own API so partners can open FDIC-insured accounts, originate loans, push real-time payments (ACH, RTP, Fedwire), and issue debit or virtual cards directly through Lead Bank.</li><li>Lead Bank’s growth trajectory is indexed on its marquee fintech customers Affirm at $2.8B in revenue in 2024, up 46% year-over-year, and Revolut at $4B in revenue in 2024, up 72% year-over-year.</li></ul>

Sacra estimates Lead Bank generated $180M in 2024 revenue, up 24% YoY, with 68% of revenue from interest.Lead Bank exposes its own API so partners can open FDIC-insured accounts, originate loans, push real-time payments (ACH, RTP, Fedwire), and issue debit or virtual cards directly through Lead Bank.Lead Bank’s growth trajectory is indexed on its marquee fintech customers Affirm at $2.8B in revenue in 2024, up 46% year-over-year, and Revolut at $4B in revenue in 2024, up 72% year-over-year.

<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.

United States

Community-minded commercial bank offering treasury management, lending services, and digital consumer banking

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Lead Bank (BANK US)

Primer: Lead Bank - 25 May 2026

Community-minded commercial bank offering treasury management, lending services, and digital consumer banking

Sacra

Stripe's Stablecoin Bank

TL;DR: Now powering the Stripe/Bridge/Visa stablecoin card program, vertically integrated community bank Lead Bank is emerging as the regulated...

Sacra

Primer: Column - 16 Mar 2026

Developer infrastructure bank enabling builders to create new financial products and services

Sacra

Lead Bank Vs Column

TL;DR: While Brex and Mercury migrated to Column, Lead Bank has emerged as the lending-centric alternative to middleware BaaS—now powering Affirm’s...

Sacra

$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

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