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 Starling Bank generated $966M in revenue in 2024, growing 10% year-over-year from $873M in 2022.</li><li>Starling Bank is valued at $3.57B as of 2024.</li><li>Starling Bank has tailwinds from rising interest rates and the shift to digital banking, with opportunities to expand into adjacent markets like Banking-as-a-Service (BaaS) technology licensing and international banking services.</li></ul>

Sacra estimates Starling Bank generated $966M in revenue in 2024, growing 10% year-over-year from $873M in 2022.Starling Bank is valued at $3.57B as of 2024.Starling Bank has tailwinds from rising interest rates and the shift to digital banking, with opportunities to expand into adjacent markets like Banking-as-a-Service (BaaS) technology licensing and international banking services.

<ul><li>Neo Financial is building a vertically integrated consumer finance platform to compete with the Big Six banks—starting with a high-cashback Mastercard and expanding into savings, investing, mortgages, and BaaS.</li><li>Riding the wave of 4-5 % interest rates to drive deposits growth and rolling out Neo Mortgage nationwide for $200M in home-loan originations in its first year, Sacra estimates Neo Financial reached $115M in revenue run rate at the end of 2024, up ~40% YoY.</li><li>With Revolut withdrawing from Canada and few home-grown startup challengers (Koho, Wealthsimple), Neo Financial’s deep local ties are key to user acquisition in a market where 90%+ of consumers bank with the Big Six.</li></ul>

Neo Financial is building a vertically integrated consumer finance platform to compete with the Big Six banks—starting with a high-cashback Mastercard and expanding into savings, investing, mortgages, and BaaS.Riding the wave of 4-5 % interest rates to drive deposits growth and rolling out Neo Mortgage nationwide for $200M in home-loan originations in its first year, Sacra estimates Neo Financial reached $115M in revenue run rate at the end of 2024, up ~40% YoY.With Revolut withdrawing from Canada and few home-grown startup challengers (Koho, Wealthsimple), Neo Financial’s deep local ties are key to user acquisition in a market where 90%+ of consumers bank with the Big Six.

<ul><li>Sacra estimates Revolut hit $4.0B in revenue in 2024, up 75% YoY from $2.3B in 2023, with its Wealth unit (crypto and stocks) growing 298% YoY to $647M.</li><li>Founded in 2015 as a travel-focused FX card that undercut banks' 3-5% foreign exchange spreads with zero-fee interbank rates, Revolut expanded beyond its "must-pack travel accessory" positioning into P2P payments (2015), cryptocurrency trading (2017), stock trading (2019), and now UK banking (licence granted July 2024)—transforming from a single-purpose prepaid card into Europe's largest neobank.</li><li>Capitalizing on the crypto bull market where Bitcoin tripled and retail trading volumes surged across Europe, Sacra estimates that Revolut hit $4.0B in revenue in 2024, up 75% YoY from $2.3B in 2023, with Revolut Wealth (crypto and stock investing) as the fastest growing unit of business at $647M of revenue, up 298% YoY, valued at $45B for a 11.25x revenue multiple.</li></ul>

Sacra estimates Revolut hit $4.0B in revenue in 2024, up 75% YoY from $2.3B in 2023, with its Wealth unit (crypto and stocks) growing 298% YoY to $647M.Founded in 2015 as a travel-focused FX card that undercut banks' 3-5% foreign exchange spreads with zero-fee interbank rates, Revolut expanded beyond its "must-pack travel accessory" positioning into P2P payments (2015), cryptocurrency trading (2017), stock trading (2019), and now UK banking (licence granted July 2024)—transforming from a single-purpose prepaid card into Europe's largest neobank.Capitalizing on the crypto bull market where Bitcoin tripled and retail trading volumes surged across Europe, Sacra estimates that Revolut hit $4.0B in revenue in 2024, up 75% YoY from $2.3B in 2023, with Revolut Wealth (crypto and stock investing) as the fastest growing unit of business at $647M of revenue, up 298% YoY, valued at $45B for a 11.25x revenue multiple.

<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>High interest rates helped neobanks like Starling Bank, Monzo, and N26 re-accelerate revenue growth in 2023.</li><li>For those neobanks with the balance sheets to stay alive, interest rates rising from 0.25% to 5.50% between 2022 and 2023 drove significant revenue re-acceleration from the yield on their deposits.</li><li>Geographical expansion remains the next frontier for neobanking—see Monzo’s recent $430M raise designed to help them relaunch in the United States</li></ul>

High interest rates helped neobanks like Starling Bank, Monzo, and N26 re-accelerate revenue growth in 2023.For those neobanks with the balance sheets to stay alive, interest rates rising from 0.25% to 5.50% between 2022 and 2023 drove significant revenue re-acceleration from the yield on their deposits.Geographical expansion remains the next frontier for neobanking—see Monzo’s recent $430M raise designed to help them relaunch in the United States

United Kingdom

Mobile banking app offering checking, savings, lending, and subscriptions to UK consumers

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Monzo (MONZO GB)

Primer: Starling Bank - 01 Sep 2025

Mobile banking app offering checking, savings, and lending services to UK consumers

Sacra

$115M/year Chime Of Canada

TL;DR: Founded in 2019 as Canada’s answer to Chime, Neo Financial is building a vertically integrated consumer finance platform to compete with the...

Sacra

Revolut At $4B/year Growing 75% YoY

TL;DR: With the rise of mobile-first banking and crypto trading across Europe, Revolut has evolved from a zero-fee travel card into a financial...

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

European Neobanks Are Back

TL;DR: High interest rates helped neobanks like Starling Bank, Monzo, and N26 re-accelerate revenue growth in 2023. Now, these neobanks—the ones...

Sacra

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