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 N26 hit $567M in revenue in 2025, up 18% from $482M in 2024.</li><li>N26's planned business banking launch represents its largest near-term TAM expansion opportunity.</li><li>The company posted its first full-year net profit of €1.6 million in 2025, following its first quarterly profit in Q3 2024 with net operating income of $3.1M and monthly profitability starting in June 2024.</li></ul>

Sacra estimates that N26 hit $567M in revenue in 2025, up 18% from $482M in 2024.N26's planned business banking launch represents its largest near-term TAM expansion opportunity.The company posted its first full-year net profit of €1.6 million in 2025, following its first quarterly profit in Q3 2024 with net operating income of $3.1M and monthly profitability starting in June 2024.

<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 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>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.

Germany

Mobile banking app offering fee-free accounts and debit cards to European consumers

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N26 (N26 DE)

Primer: N26 - 10 Jul 2026

Mobile banking app offering fee-free accounts and debit cards to European consumers

Sacra

Primer: Revolut - 24 Jul 2026

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

Sacra

Primer: Monzo - 20 Apr 2026

Mobile banking app offering checking, savings, lending, and subscriptions 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

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