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 Monzo generated $418M in revenue in the first quarter of 2025, after generating $1.254B in all of 2024.</li><li>Monzo reported a pre-tax profit of £60.4M in its most recent results, building on $81.7M in pre-tax profits for FY2025 compared to $18.8M the prior year — marking their second consecutive year of profitability.</li><li>Monzo's international strategy is now concentrated on the EU, anchored by its Irish banking license, which enables multi-market entry without requiring separate regulatory approvals in each jurisdiction.</li></ul>

Sacra estimates that Monzo generated $418M in revenue in the first quarter of 2025, after generating $1.254B in all of 2024.Monzo reported a pre-tax profit of £60.4M in its most recent results, building on $81.7M in pre-tax profits for FY2025 compared to $18.8M the prior year — marking their second consecutive year of profitability.Monzo's international strategy is now concentrated on the EU, anchored by its Irish banking license, which enables multi-market entry without requiring separate regulatory approvals in each jurisdiction.

<ul><li>Revolut generated £4.5B ($6.0B) in revenue in 2025, up ~50% year-over-year from £3.1B ($4.0B) in FY2024, with profit before tax of £1.7B ($2.3B, 38% PBT margin, +57% YoY) and net profit of £1.3B ($1.7B).</li><li>Management has set a long-term target of reaching 100M retail customers by mid-2027 across 100+ countries, supported by a $13B five-year investment commitment.</li><li>Revolut confirmed it had begun a company-sponsored secondary share sale at $2,017 per share, implying a $115 billion valuation and targeting at least $750 million of existing shares.</li></ul>

Revolut generated £4.5B ($6.0B) in revenue in 2025, up ~50% year-over-year from £3.1B ($4.0B) in FY2024, with profit before tax of £1.7B ($2.3B, 38% PBT margin, +57% YoY) and net profit of £1.3B ($1.7B).Management has set a long-term target of reaching 100M retail customers by mid-2027 across 100+ countries, supported by a $13B five-year investment commitment.Revolut confirmed it had begun a company-sponsored secondary share sale at $2,017 per share, implying a $115 billion valuation and targeting at least $750 million of existing shares.

<ul><li>Sacra estimates that Varo generated $153.4M in gross revenue in 2025, down 1% YoY from $154.8M in 2024, as growth stalled after 2024&#39;s 20% jump from $129M in 2023.</li><li>Profitability has moved in the opposite direction of what the growth story would suggest: net losses narrowed sharply from $105.2M in 2023 to $65.0M in 2024, but widened back out to $91.8M in 2025.</li><li>Varo&#39;s total equity capital declined to approximately $54M in Q3 2025 while the company continued posting significant losses (nearly $65M in December 2024).</li></ul>

Sacra estimates that Varo generated $153.4M in gross revenue in 2025, down 1% YoY from $154.8M in 2024, as growth stalled after 2024&#39;s 20% jump from $129M in 2023.Profitability has moved in the opposite direction of what the growth story would suggest: net losses narrowed sharply from $105.2M in 2023 to $65.0M in 2024, but widened back out to $91.8M in 2025.Varo&#39;s total equity capital declined to approximately $54M in Q3 2025 while the company continued posting significant losses (nearly $65M in December 2024).

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>Chime reported its first GAAP profit in Q2 2026, ahead of its full-year GAAP profitability target.</li><li>Chime projects reaching $3.7B in revenue by 2028.</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).Chime reported its first GAAP profit in Q2 2026, ahead of its full-year GAAP profitability target.Chime projects reaching $3.7B in revenue by 2028.

<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.

United Kingdom

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

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Monzo (MONZO GB)

Primer: Monzo - 20 Apr 2026

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

Sacra

Primer: Revolut - 24 Jul 2026

Mobile banking app offering checking, savings, investing, and lending for global consumers

Sacra

Primer: Varo - 09 Jul 2026

Mobile banking app offering checking accounts, savings, and debit cards to consumers

Sacra

Primer: Chime - 01 Jul 2026

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

Sacra

Primer: Starling Bank - 01 Sep 2025

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

Sacra

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