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>Ramp has overtaken Brex in total payments volume (TPV), hitting $30B annualized at the end of 2023 off the growth of Ramp's second product, Bill Pay.</li><li>In 2022, Brex shifted its strategy away from TPV as a north star metric to focusing on net revenue and profitability, becoming a mash-up of Ramp (B2B SaaS) and Mercury (banking).</li><li>Sacra estimates that Ramp has surpassed Brex on total payments volume, flippening them in 2023 as they hit $30B in TPV across both card and bill pay, growing 209% year-over-year.</li></ul>

Ramp has overtaken Brex in total payments volume (TPV), hitting $30B annualized at the end of 2023 off the growth of Ramp's second product, Bill Pay.In 2022, Brex shifted its strategy away from TPV as a north star metric to focusing on net revenue and profitability, becoming a mash-up of Ramp (B2B SaaS) and Mercury (banking).Sacra estimates that Ramp has surpassed Brex on total payments volume, flippening them in 2023 as they hit $30B in TPV across both card and bill pay, growing 209% year-over-year.

<ul><li>Ramp (founded in 2019) launched a free corporate card with 1.5% cash back on the front end powered by real-time, programmatic expense management on the back end.</li><li>By December 2020, ten months after launching, Ramp hit $200M in annualized gross payment volume (TPV) and $8M in annualized revenue—today, Sacra estimates that Ramp does about $16B in annualized TPV and $327M in annualized revenue, up 98% year-over-year, on track to hit $381M at the end of the year.</li><li>With card issuing as its initial wedge, Ramp set out to colonize the entire finance back office, starting by layering on optical character recognition (OCR) to go after Expensify (NASDAQ: EXFY) and the $2B expense management market.</li></ul>

Ramp (founded in 2019) launched a free corporate card with 1.5% cash back on the front end powered by real-time, programmatic expense management on the back end.By December 2020, ten months after launching, Ramp hit $200M in annualized gross payment volume (TPV) and $8M in annualized revenue—today, Sacra estimates that Ramp does about $16B in annualized TPV and $327M in annualized revenue, up 98% year-over-year, on track to hit $381M at the end of the year.With card issuing as its initial wedge, Ramp set out to colonize the entire finance back office, starting by layering on optical character recognition (OCR) to go after Expensify (NASDAQ: EXFY) and the $2B expense management market.

<ul><li>Ramp recently announced a suite of GPT-4 powered services across expense management, vendor management and bookkeeping.</li><li>GPT unlocks the ability for any company to tap into advanced data science techniques focused on the understanding of language.</li><li>Now, we can offer them these services at a fraction of the cost because it costs us significantly less to offer it.</li></ul>

Ramp recently announced a suite of GPT-4 powered services across expense management, vendor management and bookkeeping.GPT unlocks the ability for any company to tap into advanced data science techniques focused on the understanding of language.Now, we can offer them these services at a fraction of the cost because it costs us significantly less to offer it.

Geoff Charles, VP Of Product At Ramp, On Ramp's AI Flywheel

<ul><li>Historically, startup founders have struggled opening bank accounts and getting credit cards—particularly without giving a personal guarantee.</li><li>In 2018, Brex launched a credit card for startups and hit 1,000 customers in 5 months underwriting cash in the bank, not historical financials, with 10x the credit limit of American Express and no personal guarantee.</li><li>Today, Sacra estimates that Brex is at $400M revenue, growing 67% year-over-year and doing $17.5B in annualized transaction volume, last valued at $12.3B or a 31x multiple to current revenue with 50,000+ customers (~40% of U.S. startups).</li></ul>

Historically, startup founders have struggled opening bank accounts and getting credit cards—particularly without giving a personal guarantee.In 2018, Brex launched a credit card for startups and hit 1,000 customers in 5 months underwriting cash in the bank, not historical financials, with 10x the credit limit of American Express and no personal guarantee.Today, Sacra estimates that Brex is at $400M revenue, growing 67% year-over-year and doing $17.5B in annualized transaction volume, last valued at $12.3B or a 31x multiple to current revenue with 50,000+ customers (~40% of U.S. startups).

<ul><li>Teampay becomes that simple, single system that can actually route people to the right place, make sure the right policy is enforced, and then even handle the payment on the back.</li><li>We really view the opportunity in the space to become the front office to the finance team.</li><li>COVID only accelerated it. It sped up our sales cycles and it's increased our software value.</li></ul>

Teampay becomes that simple, single system that can actually route people to the right place, make sure the right policy is enforced, and then even handle the payment on the back.We really view the opportunity in the space to become the front office to the finance team.COVID only accelerated it. It sped up our sales cycles and it's increased our software value.

Andrew Hoag, CEO Of Teampay On Building Expense Management For The Enterprise

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Navan, Inc. provides software solutions. The Company offers a platform that allows users to book, view, and manage their business travel and expenses. Navan serves customers worldwide.

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Ramp Passes Brex

TL;DR: Sacra estimates that Ramp has overtaken Brex in total payments volume (TPV), hitting $30B annualized at the end of 2023 off the growth of...

Sacra

Ramp's LLM Workflow

TL;DR: In August, Ramp raised $300M at a $5.8B valuation—down 28% from their last round, but with annualized payment volume rising to $16B. Using...

Sacra

Geoff Charles, VP Of Product At Ramp, On Ramp's AI Flywheel

Sacra interview with Geoff Charles, VP of Product at Ramp.

Sacra

Brex: The $400M/year anti-Amex

Brex and Ramp are the PayPal and X.com of corporate spend—competitive with each other, but more importantly chasing the bigger prize of disrupting...

Sacra

Andrew Hoag, CEO Of Teampay On Building Expense Management For The Enterprise

Sacra interview with Andrew Hoag, CEO of Teampay.

Sacra

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