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>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>Brex’s $5.15B sale to Capital One reflects both its post-2023 comeback, exiting on the upswing (re-accelerating growth to 50% YoY at $700M in annualized revenue and nearing cash-flow positive)</li><li>Last Thursday, Capital One (NYSE: COF) announced it was acquiring Brex ($700M annualized revenue, August 2025) for $5.15B in the largest bank-fintech deal in history.</li><li>In 2024, Brex began to re-accelerate while cutting headcount and getting close to cash-flow positive, engineering a rarely-seen smile growth curve, hitting 37% YoY at $562M in annualized revenue in 2024 and then 50% YoY at $700M in annualized revenue in August 2025 after rewiring its go-to-market by adding embedded fintech as a channel and driving distribution for its cards through enterprise partners like Sabre (travel), Coupa (procurement), Navan (travel) &amp; Fifth Third Bank (commercial banking).</li></ul>

Brex’s $5.15B sale to Capital One reflects both its post-2023 comeback, exiting on the upswing (re-accelerating growth to 50% YoY at $700M in annualized revenue and nearing cash-flow positive)Last Thursday, Capital One (NYSE: COF) announced it was acquiring Brex ($700M annualized revenue, August 2025) for $5.15B in the largest bank-fintech deal in history.In 2024, Brex began to re-accelerate while cutting headcount and getting close to cash-flow positive, engineering a rarely-seen smile growth curve, hitting 37% YoY at $562M in annualized revenue in 2024 and then 50% YoY at $700M in annualized revenue in August 2025 after rewiring its go-to-market by adding embedded fintech as a channel and driving distribution for its cards through enterprise partners like Sabre (travel), Coupa (procurement), Navan (travel) &amp; Fifth Third Bank (commercial banking).

<ul><li>Sacra estimates Slash reached $200M in annualized revenue in December 2025, growing 220% YoY.</li><li>After shifting focus in late 2023 at $5M annualized revenue away from sole proprietorships and towards business banking for agencies & brands, Slash hit its stride in 2024, growing from ~$25M in May 2024 to $200M at the end of 2025, growing 220% YoY, valued at $370M as of its May 2025 Series B for a ~3.5x multiple at the time.</li><li>Like Snap vs. Facebook in social, Whop vs. Patreon in the creator economy, and Warp vs. Gusto in SMB payroll, Slash is riding a category built by Brex & Mercury by explicitly positioning against them—as Gen Z for generational change and by verticalizing for niches mainstream products still underserve, particularly as head-on competition intensifies and CAC continues to climb.</li></ul>

Sacra estimates Slash reached $200M in annualized revenue in December 2025, growing 220% YoY.After shifting focus in late 2023 at $5M annualized revenue away from sole proprietorships and towards business banking for agencies & brands, Slash hit its stride in 2024, growing from ~$25M in May 2024 to $200M at the end of 2025, growing 220% YoY, valued at $370M as of its May 2025 Series B for a ~3.5x multiple at the time.Like Snap vs. Facebook in social, Whop vs. Patreon in the creator economy, and Warp vs. Gusto in SMB payroll, Slash is riding a category built by Brex & Mercury by explicitly positioning against them—as Gen Z for generational change and by verticalizing for niches mainstream products still underserve, particularly as head-on competition intensifies and CAC continues to climb.

<ul><li>After growth decelerated to 30% year-over-year in 2022, Brex has re-accelerated to 50% year-over-year growth while simultaneously moving from burning $22M monthly to near-profitability.</li><li>Sacra estimates Brex hit $700M in annualized revenue in August 2025, up 50% year-over-year.</li><li>Brex has added top private growth companies as partners including procurement SaaS Zip ($2.2B valuation, $333M raised, BOND) and travel & expense startup Navan ($550M ARR in 2024) positioning as best-in-breed against Ramp’s all-in-one.</li></ul>

After growth decelerated to 30% year-over-year in 2022, Brex has re-accelerated to 50% year-over-year growth while simultaneously moving from burning $22M monthly to near-profitability.Sacra estimates Brex hit $700M in annualized revenue in August 2025, up 50% year-over-year.Brex has added top private growth companies as partners including procurement SaaS Zip ($2.2B valuation, $333M raised, BOND) and travel & expense startup Navan ($550M ARR in 2024) positioning as best-in-breed against Ramp’s all-in-one.

United States

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

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Mercury (MERCURY US)

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

Why Brex Sold To Capital One

TL;DR: Brex’s $5.15B sale to Capital One reflects both its post-2023 comeback, exiting on the upswing (re-accelerating growth to 50% YoY at $700M...

Sacra

$200M/year Whop Of B2B Neobanks

TL;DR: Founded in 2020, Slash is a vertical neobank for high-risk SMBs like performance marketing agencies, crypto-native businesses, and e...

Sacra

Brex At $700M/year Growing 50% YoY

TL;DR: After growth decelerated to 30% year-over-year in 2022, Brex has re-accelerated to 50% year-over-year growth while simultaneously moving...

Sacra

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