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>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.

<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.

<ul><li>Alpaca hit $60M in annualized revenue in 2024, up 150% YoY as trading volume tripled to ~$180B.</li><li>Alpaca (2015) launched to do the same for the rest of the world, enabling fintechs in Asia &amp; the Middle East to bolt U.S. equities, margin, and option trading into their apps.</li><li>Over the next year, Alpaca is adding global equities, fixed income, and deeper options capabilities, building towards coverage of every major asset class.</li></ul>

Alpaca hit $60M in annualized revenue in 2024, up 150% YoY as trading volume tripled to ~$180B.Alpaca (2015) launched to do the same for the rest of the world, enabling fintechs in Asia &amp; the Middle East to bolt U.S. equities, margin, and option trading into their apps.Over the next year, Alpaca is adding global equities, fixed income, and deeper options capabilities, building towards coverage of every major asset class.

<ul><li>Founded in 2021, Bilt found explosive product-market fit as a credit card that gives rewards points on rent—a category which makes up 50%+ of all spend for Gen Z & Millennials and was previously unaddressable due to the 2-3% processing fee landlords would have to pay to accept credit.</li><li>In 2023, Bilt morphed from a co-branded card company to a hybrid payments and embedded SaaS company, launching a “Pay-by-Bilt” button for property managers (now 70% of the top-100 multifamily portfolios) to accept payments via their Yardi, RealPage, or other tenant-facing portal.</li><li>As Bilt evolves into a rewards & loyalty network that spans renters, landlords & neighborhood merchants—the Oneworld Alliance of housing—Sacra estimates that Bilt has hit a $400M revenue run rate in March 2025, up from $280M at the end of 2024.</li></ul>

Founded in 2021, Bilt found explosive product-market fit as a credit card that gives rewards points on rent—a category which makes up 50%+ of all spend for Gen Z & Millennials and was previously unaddressable due to the 2-3% processing fee landlords would have to pay to accept credit.In 2023, Bilt morphed from a co-branded card company to a hybrid payments and embedded SaaS company, launching a “Pay-by-Bilt” button for property managers (now 70% of the top-100 multifamily portfolios) to accept payments via their Yardi, RealPage, or other tenant-facing portal.As Bilt evolves into a rewards & loyalty network that spans renters, landlords & neighborhood merchants—the Oneworld Alliance of housing—Sacra estimates that Bilt has hit a $400M revenue run rate in March 2025, up from $280M at the end of 2024.

<ul><li>Imprint (founded in 2020) helps brands like H-E-B (#1 grocer in Texas) launch custom, co-branded cards in 3 months (vs 12-18) with SKU-level rewards.</li><li>After poaching Brooks Brothers from Citi (NYSE: C) (and originally launched on Synchrony) and Eddie Bauer from Bread Financial (NYSE: BFH) in 2024, Sacra estimates that Imprint hit $70M in revenue in 2024, up 367% YoY.</li><li>With 400K cardholders across at least 9 programs, Imprint’s cards win with consumers when 1) a shopper’s spend has significant concentration and frequency at a single brand, 2) an instant, no-risk sign-up can be embedded inside the checkout flow and combined with immediate discounts or perks, and 3) brand partners underwrite granular rewards that can out-punch 1% to 2% cash-back economics of generic cash-back cards.</li></ul>

Imprint (founded in 2020) helps brands like H-E-B (#1 grocer in Texas) launch custom, co-branded cards in 3 months (vs 12-18) with SKU-level rewards.After poaching Brooks Brothers from Citi (NYSE: C) (and originally launched on Synchrony) and Eddie Bauer from Bread Financial (NYSE: BFH) in 2024, Sacra estimates that Imprint hit $70M in revenue in 2024, up 367% YoY.With 400K cardholders across at least 9 programs, Imprint’s cards win with consumers when 1) a shopper’s spend has significant concentration and frequency at a single brand, 2) an instant, no-risk sign-up can be embedded inside the checkout flow and combined with immediate discounts or perks, and 3) brand partners underwrite granular rewards that can out-punch 1% to 2% cash-back economics of generic cash-back cards.

United States

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

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Lithic (LITHIC US)

Primer: Rain - 28 Aug 2025

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

Sacra

Primer: Petal - 15 Aug 2025

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

Sacra

Alpaca At $60M/year Growing 150% YoY

TL;DR: Alpaca is building the global equivalent of Apex Fintech Solutions—providing embedded brokerage APIs for fintechs outside the US to offer...

Sacra

$400M/year Oneworld Of Housing

TL;DR: After evolving from a card company to a hybrid payments processor and proptech SaaS, Bilt now handles rent payments for 70% of the top-100...

Sacra

Imprint At $70M/yr Growing 367% YoY

TL;DR: Betting that it can beat legacy banks Chase, Citi & Barclays on speed-to-market, product & cardholder experience, Imprint (founded in 2020)...

Sacra

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