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>We got really interested in stablecoins, and saw that they might be able to solve some of the problems that we were having really well.</li><li>We&#39;re making the bet that digital money is going to require the rebuilding of a brand new infrastructure that doesn&#39;t yet exist.</li><li>Our goal has been to unlock as many of these different use cases and provide customers with as many modular options as they want.</li></ul>

We got really interested in stablecoins, and saw that they might be able to solve some of the problems that we were having really well.We&#39;re making the bet that digital money is going to require the rebuilding of a brand new infrastructure that doesn&#39;t yet exist.Our goal has been to unlock as many of these different use cases and provide customers with as many modular options as they want.

Farooq Malik And Charles Naut, co-founders Of Rain, On stablecoin-backed Credit Cards

<ul><li>Our platform gives our customers a high degree of customization and control so they can deliver a bespoke experience to their end customers.</li><li>Cards generally just work and transfer money in real time.</li><li>Flawless reconciliation, within 12 hours for example, is really important because it's part of your business.</li></ul>

Our platform gives our customers a high degree of customization and control so they can deliver a bespoke experience to their end customers.Cards generally just work and transfer money in real time.Flawless reconciliation, within 12 hours for example, is really important because it's part of your business.

Bo Jiang, CEO Of Lithic, On The Power Of The Cards As A Digital Payment Rail

<ul><li>Ramp (founded in 2019) launched a free corporate card with 1.5% cash back on the front end powered by real-time, programmatic expense management on the back end.</li><li>By December 2020, ten months after launching, Ramp hit $200M in annualized gross payment volume (TPV) and $8M in annualized revenue—today, Sacra estimates that Ramp does about $16B in annualized TPV and $327M in annualized revenue, up 98% year-over-year, on track to hit $381M at the end of the year.</li><li>With card issuing as its initial wedge, Ramp set out to colonize the entire finance back office, starting by layering on optical character recognition (OCR) to go after Expensify (NASDAQ: EXFY) and the $2B expense management market.</li></ul>

Ramp (founded in 2019) launched a free corporate card with 1.5% cash back on the front end powered by real-time, programmatic expense management on the back end.By December 2020, ten months after launching, Ramp hit $200M in annualized gross payment volume (TPV) and $8M in annualized revenue—today, Sacra estimates that Ramp does about $16B in annualized TPV and $327M in annualized revenue, up 98% year-over-year, on track to hit $381M at the end of the year.With card issuing as its initial wedge, Ramp set out to colonize the entire finance back office, starting by layering on optical character recognition (OCR) to go after Expensify (NASDAQ: EXFY) and the $2B expense management market.

<ul><li>We looked for emerging market leaders that sold not just to the growing fintechs, but those that could sell to both and could crack the up-and-comers and the legacy incumbents.</li><li>Some of these waves are ongoing, while the B2B payments software wave and a few new ones are percolating, but that&#39;s how I would summarize them quickly.</li><li>Fraud, in financial services, is a big industry and it&#39;s only going to grow.</li></ul>

We looked for emerging market leaders that sold not just to the growing fintechs, but those that could sell to both and could crack the up-and-comers and the legacy incumbents.Some of these waves are ongoing, while the B2B payments software wave and a few new ones are percolating, but that&#39;s how I would summarize them quickly.Fraud, in financial services, is a big industry and it&#39;s only going to grow.

Charles Birnbaum, Partner At Bessemer Venture Partners, On The Five Waves Of Fintech

<ul><li>Historically, startup founders have struggled opening bank accounts and getting credit cards—particularly without giving a personal guarantee.</li><li>In 2018, Brex launched a credit card for startups and hit 1,000 customers in 5 months underwriting cash in the bank, not historical financials, with 10x the credit limit of American Express and no personal guarantee.</li><li>Today, Sacra estimates that Brex is at $400M revenue, growing 67% year-over-year and doing $17.5B in annualized transaction volume, last valued at $12.3B or a 31x multiple to current revenue with 50,000+ customers (~40% of U.S. startups).</li></ul>

Historically, startup founders have struggled opening bank accounts and getting credit cards—particularly without giving a personal guarantee.In 2018, Brex launched a credit card for startups and hit 1,000 customers in 5 months underwriting cash in the bank, not historical financials, with 10x the credit limit of American Express and no personal guarantee.Today, Sacra estimates that Brex is at $400M revenue, growing 67% year-over-year and doing $17.5B in annualized transaction volume, last valued at $12.3B or a 31x multiple to current revenue with 50,000+ customers (~40% of U.S. startups).

United States

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

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Lithic (LITHIC US)

Farooq Malik And Charles Naut, co-founders Of Rain, On stablecoin-backed Credit Cards

What is Rain in short and what inspired you guys to build it...

Sacra

Bo Jiang, CEO Of Lithic, On The Power Of The Cards As A Digital Payment Rail

Are there specific developer use cases that only Lithic can support and why...

Sacra

Ramp's LLM Workflow

TL;DR: In August, Ramp raised $300M at a $5.8B valuation—down 28% from their last round, but with annualized payment volume rising to $16B. Using...

Sacra

Charles Birnbaum, Partner At Bessemer Venture Partners, On The Five Waves Of Fintech

Sacra interview with Charles Birnbaum, partner at Bessemer Venture Partners.

Sacra

Brex: The $400M/year anti-Amex

Brex and Ramp are the PayPal and X.com of corporate spend—competitive with each other, but more importantly chasing the bigger prize of disrupting...

Sacra

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