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 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>Mercury both moved customers off of its former banking partner Evolve Bank &amp; Trust and continued to grow in the face of interest rate cuts.</li><li>Sacra estimates Mercury hit $650M in annualized revenue as of September 2025, up from $500M at the end of 2024.</li><li>Two Fed interest rate cuts in the fall of 2025 impacted Mercury’s revenue growth, which centers on interest revenue from deposits, trending at 41% YoY in 2025 down from 97% YoY in 2024.</li></ul>

Mercury both moved customers off of its former banking partner Evolve Bank &amp; Trust and continued to grow in the face of interest rate cuts.Sacra estimates Mercury hit $650M in annualized revenue as of September 2025, up from $500M at the end of 2024.Two Fed interest rate cuts in the fall of 2025 impacted Mercury’s revenue growth, which centers on interest revenue from deposits, trending at 41% YoY in 2025 down from 97% YoY in 2024.

<ul><li>High customer acquisition costs combined with an adverse selection problem doomed Pipe’s direct-to-SMB model, with riskier businesses most likely to self-select into revenue-based financing, creating unsustainable unit economics.</li><li>With Square Banking & QuickBooks Capital veteran Luke Voiles taking over as CEO in 2023, Pipe has shifted to an embedded fintech model, selling capital, cards, and expense management as white-labeled products inside vertical SaaS platforms & marketplaces like Housecall Pro & Uber Eats—giving Pipe distribution into millions of merchants in return for sharing economics on loan & interchange revenue.</li><li>Attach of existing customers to embedded finance products drives the revenue opportunity, with the benchmark of achieving first-party attach rates of a vertically integrated model like Square’s by making the UI and experience feel deeply native to match owned-channel performance.</li></ul>

High customer acquisition costs combined with an adverse selection problem doomed Pipe’s direct-to-SMB model, with riskier businesses most likely to self-select into revenue-based financing, creating unsustainable unit economics.With Square Banking & QuickBooks Capital veteran Luke Voiles taking over as CEO in 2023, Pipe has shifted to an embedded fintech model, selling capital, cards, and expense management as white-labeled products inside vertical SaaS platforms & marketplaces like Housecall Pro & Uber Eats—giving Pipe distribution into millions of merchants in return for sharing economics on loan & interchange revenue.Attach of existing customers to embedded finance products drives the revenue opportunity, with the benchmark of achieving first-party attach rates of a vertically integrated model like Square’s by making the UI and experience feel deeply native to match owned-channel performance.

Amy Loh, CMO Of Pipe, On Pipe's Next Act As Embedded Fintech

<ul><li>After growth decelerated to 30% year-over-year in 2022, Brex has re-accelerated to 50% year-over-year growth while simultaneously moving from burning $22M monthly to near-profitability.</li><li>Sacra estimates Brex hit $700M in annualized revenue in August 2025, up 50% year-over-year.</li><li>Brex has added top private growth companies as partners including procurement SaaS Zip ($2.2B valuation, $333M raised, BOND) and travel & expense startup Navan ($550M ARR in 2024) positioning as best-in-breed against Ramp’s all-in-one.</li></ul>

After growth decelerated to 30% year-over-year in 2022, Brex has re-accelerated to 50% year-over-year growth while simultaneously moving from burning $22M monthly to near-profitability.Sacra estimates Brex hit $700M in annualized revenue in August 2025, up 50% year-over-year.Brex has added top private growth companies as partners including procurement SaaS Zip ($2.2B valuation, $333M raised, BOND) and travel & expense startup Navan ($550M ARR in 2024) positioning as best-in-breed against Ramp’s all-in-one.

<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.

United States

API-based platform for developers to issue and manage virtual and physical payment cards

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Lithic (LITHIC US)

Primer: Pipe - 15 Dec 2025

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

Sacra

Mercury At $650M/year

TL;DR: Confronting two major challenges in 2025, Mercury both moved customers off of its former banking partner Evolve Bank & Trust and continued...

Sacra

Amy Loh, CMO Of Pipe, On Pipe's Next Act As Embedded Fintech

Can you describe the landscape of financing for small businesses? Our market map includes traditional lending, bank loans, venture debt, and...

Sacra

Brex At $700M/year Growing 50% YoY

TL;DR: After growth decelerated to 30% year-over-year in 2022, Brex has re-accelerated to 50% year-over-year growth while simultaneously moving...

Sacra

Primer: Rain - 28 Aug 2025

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

Sacra

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