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 Mercury hit $650M in annualized revenue in September 2025, up from $500M in 2024.</li><li>Mercury was valued at $5.2B following its $200M Series D round led by TCV in May 2026, up from $3.5B at its Series C in March 2025.</li><li>The company has been GAAP profitable for three consecutive years and achieved ten consecutive quarters of profitability on both EBITDA and GAAP net income by March 2025.</li></ul>

Sacra estimates that Mercury hit $650M in annualized revenue in September 2025, up from $500M in 2024.Mercury was valued at $5.2B following its $200M Series D round led by TCV in May 2026, up from $3.5B at its Series C in March 2025.The company has been GAAP profitable for three consecutive years and achieved ten consecutive quarters of profitability on both EBITDA and GAAP net income by March 2025.

<ul><li>With Brex's $5.15B exit to Capital One, the private B2B finance landscape is now defined by Ramp at $1B in annualized revenue (up 110% YoY) expanding from cards &amp; expense management into treasury &amp; deposits, versus Mercury at $650M in annualized revenue expanding from startup banking into the finance backoffice with corporate cards, bill pay &amp; expense management.</li><li>Mercury has decided to transition from neobank to a bank via its December 2025 application for a national bank charter with the OCC and FDIC deposit insurance, vertically integrating to own its underlying banking infrastructure, particularly after the Synapse bankruptcy (April 2024) froze $200M in customer funds and Evolve Bank's cease-and-desist (June 2024) forced Mercury through a painful account migration to Column &amp; Choice Financial Group.</li><li>Unlike Mercury &amp; Brex (which built its own card infrastructure), Ramp has chosen to maximize customer-facing product velocity, focus exclusively on the application layer and partner with infrastructure providers like Marqeta &amp; Stripe on card issuing and Increase for banking, betting that it can transform its majority interchange revenue into a software &amp; AI-heavy revenue mix, maintain 100%+ YoY growth rate and meet &amp; surpass its $32B valuation (32x revenue) as a high-growth AI company, not as a fintech or bank.</li></ul>

With Brex's $5.15B exit to Capital One, the private B2B finance landscape is now defined by Ramp at $1B in annualized revenue (up 110% YoY) expanding from cards &amp; expense management into treasury &amp; deposits, versus Mercury at $650M in annualized revenue expanding from startup banking into the finance backoffice with corporate cards, bill pay &amp; expense management.Mercury has decided to transition from neobank to a bank via its December 2025 application for a national bank charter with the OCC and FDIC deposit insurance, vertically integrating to own its underlying banking infrastructure, particularly after the Synapse bankruptcy (April 2024) froze $200M in customer funds and Evolve Bank's cease-and-desist (June 2024) forced Mercury through a painful account migration to Column &amp; Choice Financial Group.Unlike Mercury &amp; Brex (which built its own card infrastructure), Ramp has chosen to maximize customer-facing product velocity, focus exclusively on the application layer and partner with infrastructure providers like Marqeta &amp; Stripe on card issuing and Increase for banking, betting that it can transform its majority interchange revenue into a software &amp; AI-heavy revenue mix, maintain 100%+ YoY growth rate and meet &amp; surpass its $32B valuation (32x revenue) as a high-growth AI company, not as a fintech or bank.

<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>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.

<ul><li>Sacra estimates that Ramp hit $1.5B in annualized revenue in May 2026, up from ~$1.2B at the end of 2025.</li><li>By June 2026, Ramp reported 70,000+ business customers, up from 50,000 at the beginning of the year.</li><li>Ramp raised $750M at a $44B post-money valuation in June 2026, with ICONIQ Capital, Singaporean sovereign wealth fund GIC, and the Ontario Teachers' Pension Plan co-leading.</li></ul>

Sacra estimates that Ramp hit $1.5B in annualized revenue in May 2026, up from ~$1.2B at the end of 2025.By June 2026, Ramp reported 70,000+ business customers, up from 50,000 at the beginning of the year.Ramp raised $750M at a $44B post-money valuation in June 2026, with ICONIQ Capital, Singaporean sovereign wealth fund GIC, and the Ontario Teachers' Pension Plan co-leading.

United States

Banking software for startups offering checking accounts, cards, treasury, and venture debt

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Mercury (MERCURY US)

Primer: Mercury - 25 Aug 2026

Banking software for startups offering checking accounts, cards, treasury, and venture debt

Sacra

Post-Brex Ramp Vs Mercury

TL;DR: While Ramp and Mercury are converging on product with treasury, bank accounts, corporate cards & expense management, they’re diverging on...

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

Primer: Brex - 10 Jul 2026

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

Sacra

Primer: Ramp - 09 Jul 2026

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

Sacra

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