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>Lithic raised $60 million in Series C funding on July 28, 2021, led by Stripes.</li><li>Lithic provides an API platform that lets developers create and manage virtual and physical payment cards with minimal code.</li><li>The Commercial Revolving Credit API launched in December 2024 enables customers to issue true revolving balance credit cards.</li></ul>

Lithic raised $60 million in Series C funding on July 28, 2021, led by Stripes.Lithic provides an API platform that lets developers create and manage virtual and physical payment cards with minimal code.The Commercial Revolving Credit API launched in December 2024 enables customers to issue true revolving balance credit cards.

<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.

Chime Financial / Private Capital Markets

<ul><li>Sacra estimates that Chime generated $2.19B in revenue in 2025, up 31% from $1.7B in 2024 (and $1.3B in 2023).</li><li>For 2026, Chime guided to $2.63B–$2.67B revenue and $380M–$400M adjusted EBITDA, and expects 2026 to be its first full year of GAAP profitability.</li><li>The IPO priced at $27.00 per share on June 11, 2025, selling 32 million shares (25.9M primary + 6.1M secondary) for $864M in proceeds, valuing the company at approximately $11.6B on a fully diluted basis.</li></ul>

Sacra estimates that Chime generated $2.19B in revenue in 2025, up 31% from $1.7B in 2024 (and $1.3B in 2023).For 2026, Chime guided to $2.63B–$2.67B revenue and $380M–$400M adjusted EBITDA, and expects 2026 to be its first full year of GAAP profitability.The IPO priced at $27.00 per share on June 11, 2025, selling 32 million shares (25.9M primary + 6.1M secondary) for $864M in proceeds, valuing the company at approximately $11.6B on a fully diluted basis.

<ul><li>Sacra estimates that Ramp hit $1B in annualized revenue in August 2025, up 110% YoY from ~$476M in August 2024.</li><li>By November 2025, Ramp reported 50,000+ business customers, $100B+ in annualized purchase volume, and 2,200 customers contributing $100K+ in annualized revenue.</li><li>Ramp is in talks to raise $750M at a pre-money valuation above $40B as of May 2026.</li></ul>

Sacra estimates that Ramp hit $1B in annualized revenue in August 2025, up 110% YoY from ~$476M in August 2024.By November 2025, Ramp reported 50,000+ business customers, $100B+ in annualized purchase volume, and 2,200 customers contributing $100K+ in annualized revenue.Ramp is in talks to raise $750M at a pre-money valuation above $40B as of May 2026.

<ul><li>Sacra estimates that Brex hit $700M in annualized revenue in August 2025, up 50% YoY.</li><li>In January 2026, Capital One Financial Corp. agreed to acquire Brex for $5.15 billion in a mix of cash and stock.</li><li>Brex became operating-cash-flow positive for the first time in October 2025.</li></ul>

Sacra estimates that Brex hit $700M in annualized revenue in August 2025, up 50% YoY.In January 2026, Capital One Financial Corp. agreed to acquire Brex for $5.15 billion in a mix of cash and stock.Brex became operating-cash-flow positive for the first time in October 2025.

United States

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

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Lithic (LITHIC US)

Primer: Lithic - 27 Jan 2026

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

Sacra

Primer: Klarna - 25 May 2026

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

Sacra

Primer: Chime - 25 May 2026

Mobile banking app offering no-fee accounts and early paycheck access for low-income consumers

Sacra

Primer: Ramp - 10 May 2026

Software for finance teams to manage corporate cards, bill pay, and accounting

Sacra

Primer: Brex - 27 Apr 2026

Software suite for global companies to manage cards, expenses, and business accounts

Sacra

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