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>Today, we’re increasingly seeing fintechs diversifying, moving towards alternate models of monetization like subscriptions, interest from deposits and lending, and tips.</li><li>The fintech industry is seeing a trend of consolidation, with larger platforms acquiring smaller fintechs to leverage established customer bases and cross-sell financial products.</li><li>Real-time payments (RTP) may not significantly threaten card networks for consumer-to-business transactions but could revolutionize disbursements and payroll processes.</li></ul>

Today, we’re increasingly seeing fintechs diversifying, moving towards alternate models of monetization like subscriptions, interest from deposits and lending, and tips.The fintech industry is seeing a trend of consolidation, with larger platforms acquiring smaller fintechs to leverage established customer bases and cross-sell financial products.Real-time payments (RTP) may not significantly threaten card networks for consumer-to-business transactions but could revolutionize disbursements and payroll processes.

<ul><li>In the late 2010s, investors were bullish on digital neobanks like Chime (US), Monzo (UK), and N26 (Germany) because of their rapid growth to millions of users and their structurally lower CAC vs. traditional banks (~$100 vs. $650-700).</li><li>During COVID, CACs went up across the industry as new neobanks proliferated, but when interest rates fell to 0%, it exposed that most of them were swimming naked, with only 5% being profitable.</li><li>As interest rates increased from 0% to ~5%, the outlook for the top neobanks has brightened, with accelerating revenue growth from deposits and lending (interest income was up 167% YoY at Monzo).</li></ul>

In the late 2010s, investors were bullish on digital neobanks like Chime (US), Monzo (UK), and N26 (Germany) because of their rapid growth to millions of users and their structurally lower CAC vs. traditional banks (~$100 vs. $650-700).During COVID, CACs went up across the industry as new neobanks proliferated, but when interest rates fell to 0%, it exposed that most of them were swimming naked, with only 5% being profitable.As interest rates increased from 0% to ~5%, the outlook for the top neobanks has brightened, with accelerating revenue growth from deposits and lending (interest income was up 167% YoY at Monzo).

<ul><li>Kapital ( has seen product-market fit around their stablecoin treasury product that lets companies deposit money and hold it in Circle's USD-denominated stablecoin USDC, with "almost every company" using it to de-risk against the high volatility of local currencies like the Colombian peso.</li><li>As payment rails, Kapital uses USDC to settle international transfers for their customers fast (in minutes) and cheaply (~$0.0037 per transaction) vs. paying ~$50 to send a wire and 1-3% on currency exchange fees.</li><li>While incumbent banks move money slowly & expensively and monetize on each transaction, Kapital is aiming to be fast & cheap and drive volume through value-added products like Kapital Flex (buy-now-pay-later for B2B procurement) and engagement & retention for its core subscription SaaS platform.</li></ul>

Kapital ( has seen product-market fit around their stablecoin treasury product that lets companies deposit money and hold it in Circle's USD-denominated stablecoin USDC, with "almost every company" using it to de-risk against the high volatility of local currencies like the Colombian peso.As payment rails, Kapital uses USDC to settle international transfers for their customers fast (in minutes) and cheaply (~$0.0037 per transaction) vs. paying ~$50 to send a wire and 1-3% on currency exchange fees.While incumbent banks move money slowly & expensively and monetize on each transaction, Kapital is aiming to be fast & cheap and drive volume through value-added products like Kapital Flex (buy-now-pay-later for B2B procurement) and engagement & retention for its core subscription SaaS platform.

<ul><li>In November, Intuit announced it was shutting down Mint—one of the first and most popular personal finance apps with 25M registered accounts—resulting in a massive migration of users into personal finance startups.</li><li>Modern personal finance apps are increasingly building multi-sided, networked products, capturing users and financial planners & advisors onto one platform, reminiscent to how Carta brought founders, VCs and lawyers into one system of record for cap tables.</li><li>The original personal finance dashboard, Mint.com’s relatively meager ARPU of $2-$3 proved “they had the wrong business model”, said ex-Mint.com product manager and Monarch Money CEO Val Agostino—giving the product away for free and monetizing off referrals.</li></ul>

In November, Intuit announced it was shutting down Mint—one of the first and most popular personal finance apps with 25M registered accounts—resulting in a massive migration of users into personal finance startups.Modern personal finance apps are increasingly building multi-sided, networked products, capturing users and financial planners & advisors onto one platform, reminiscent to how Carta brought founders, VCs and lawyers into one system of record for cap tables.The original personal finance dashboard, Mint.com’s relatively meager ARPU of $2-$3 proved “they had the wrong business model”, said ex-Mint.com product manager and Monarch Money CEO Val Agostino—giving the product away for free and monetizing off referrals.

<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

United States

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

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The Future Of Interchange

Early fintechs like Chime scaled to $100M+ with nearly all their revenue coming from interchange—the fee they generate every time their customers...

Sacra

The Neobank Capital Cycle

TL;DR: The higher interest rate environment of the last few years forced underperforming neobanks to shut down, but the top players are doing...

Sacra

Stablecoin Diplomacy

TL;DR: As B2B neobanks in the U.S. raced to offer FDIC insurance and treasury products in the wake of SVB's collapse, a parallel trend has played...

Sacra

Why Mint.Com Failed

In November, Intuit announced it was shutting down Mint—one of the first and most popular personal finance apps with 25M registered...

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

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

The Future Of Interchange

​​Early fintechs like Chime scaled to $100M+ with nearly all their revenue coming from interchange—the fee they generate every time their customers...

Sacra

The Neobank Capital Cycle

TL;DR: The higher interest rate environment of the last few years forced underperforming neobanks to shut down, but the top players are doing...

Sacra

Stablecoin Diplomacy

TL;DR: As B2B neobanks in the U.S. raced to offer FDIC insurance and treasury products in the wake of SVB's collapse, a parallel trend has played...

Sacra

Why Mint.Com Failed

In November, Intuit announced it was shutting down Mint—one of the first and most popular personal finance apps with 25M registered...

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

Early fintechs like Chime scaled to $100M+ with nearly all their revenue coming from interchange—the fee they generate every time their customers...