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 Pipe generated $7.1M of total revenue in 2024, with quarterly revenue stepping up from $0.6M in Q1 to $1.2M in Q2 to $2.2M in Q3 to $3.1M in Q4.</li><li>Pipe raised $250M in Series C funding in May 2021 at a $2B valuation, led by Greenspring Associates with participation from Shopify, HubSpot, Slack, and other strategic investors.</li><li>Total funding raised across equity and debt facilities exceeds $400M, providing Pipe with significant capital to scale its embedded finance platform and expand internationally.</li></ul>

Sacra estimates that Pipe generated $7.1M of total revenue in 2024, with quarterly revenue stepping up from $0.6M in Q1 to $1.2M in Q2 to $2.2M in Q3 to $3.1M in Q4.Pipe raised $250M in Series C funding in May 2021 at a $2B valuation, led by Greenspring Associates with participation from Shopify, HubSpot, Slack, and other strategic investors.Total funding raised across equity and debt facilities exceeds $400M, providing Pipe with significant capital to scale its embedded finance platform and expand internationally.

<ul><li>High customer acquisition costs combined with an adverse selection problem doomed Pipe’s direct-to-SMB model, with riskier businesses most likely to self-select into revenue-based financing, creating unsustainable unit economics.</li><li>With Square Banking & QuickBooks Capital veteran Luke Voiles taking over as CEO in 2023, Pipe has shifted to an embedded fintech model, selling capital, cards, and expense management as white-labeled products inside vertical SaaS platforms & marketplaces like Housecall Pro & Uber Eats—giving Pipe distribution into millions of merchants in return for sharing economics on loan & interchange revenue.</li><li>Attach of existing customers to embedded finance products drives the revenue opportunity, with the benchmark of achieving first-party attach rates of a vertically integrated model like Square’s by making the UI and experience feel deeply native to match owned-channel performance.</li></ul>

High customer acquisition costs combined with an adverse selection problem doomed Pipe’s direct-to-SMB model, with riskier businesses most likely to self-select into revenue-based financing, creating unsustainable unit economics.With Square Banking & QuickBooks Capital veteran Luke Voiles taking over as CEO in 2023, Pipe has shifted to an embedded fintech model, selling capital, cards, and expense management as white-labeled products inside vertical SaaS platforms & marketplaces like Housecall Pro & Uber Eats—giving Pipe distribution into millions of merchants in return for sharing economics on loan & interchange revenue.Attach of existing customers to embedded finance products drives the revenue opportunity, with the benchmark of achieving first-party attach rates of a vertically integrated model like Square’s by making the UI and experience feel deeply native to match owned-channel performance.

Amy Loh, CMO Of Pipe, On Pipe's Next Act As Embedded Fintech

<ul><li>Sacra estimates that Brex hit $700M in annualized revenue in August 2025, up 50% YoY.</li><li>In January 2026, Capital One Financial Corp. agreed to acquire Brex for $5.15 billion in a mix of cash and stock.</li><li>Brex became operating-cash-flow positive for the first time in October 2025.</li></ul>

Sacra estimates that Brex hit $700M in annualized revenue in August 2025, up 50% YoY.In January 2026, Capital One Financial Corp. agreed to acquire Brex for $5.15 billion in a mix of cash and stock.Brex became operating-cash-flow positive for the first time in October 2025.

<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 that GoodLeap generated approximately $361M in revenue in 2025, based on disclosed quarterly figures of $83M in Q1 and $88M in Q2.</li><li>GoodLeap's revenue has declined slightly from 2024, consistent with broader headwinds in the sustainable home financing sector, including higher interest rates, tighter credit conditions, and policy uncertainty around solar incentives.</li><li>Home efficiency loan volume is expected to reach $4.6B in 2025, up 44% from $3.2B in 2024.</li></ul>

Sacra estimates that GoodLeap generated approximately $361M in revenue in 2025, based on disclosed quarterly figures of $83M in Q1 and $88M in Q2.GoodLeap's revenue has declined slightly from 2024, consistent with broader headwinds in the sustainable home financing sector, including higher interest rates, tighter credit conditions, and policy uncertainty around solar incentives.Home efficiency loan volume is expected to reach $4.6B in 2025, up 44% from $3.2B in 2024.

United States

Embedded fintech provider of capital, cards & expense management for vertical SaaS & marketplaces

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Pipe (PIPE US)

Primer: Pipe - 15 Dec 2025

Embedded fintech provider of capital, cards & expense management for vertical SaaS & marketplaces

Sacra

Amy Loh, CMO Of Pipe, On Pipe's Next Act As Embedded Fintech

Can you describe the landscape of financing for small businesses? Our market map includes traditional lending, bank loans, venture debt, and...

Sacra

Primer: Brex - 10 Jul 2026

Software suite for global companies to manage cards, expenses, and business accounts

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

Primer: Goodleap - 04 Jan 2026

Financing software for sustainable home upgrades used by homeowners, contractors, and lenders

Sacra

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