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>Many of Plaid’s biggest consumer fintech customers contracted or decelerated circa 2021 to 2023—from Robinhood ($1.82B to $1.36B revenue, down 25%) to Coinbase ($7.84B to $3.11B, down 60%) to Affirm (71% YoY growth to 18% YoY growth)—which combined with competition from data aggregators like Finicity, MX, and Stripe (Financial Connections) &amp; from banks launching direct APIs—directly impacted Plaid’s usage-based model and drove its revenue deceleration from 56% YoY growth (2020) to 12% YoY (2023).</li><li>Plaid’s reacceleration over the last two years, with Sacra estimating that the company hit $546M in ARR in 2025, up 40% YoY from $390M in 2024 (up 27% YoY), has come as Plaid has layered on enterprise accounts (Carvana, Rocket Mortgage, H&amp;R Block), which drive more reliable, higher-volume usage while also being more likely to adopt 2+ products from across Plaid’s suite of new SaaS products for fraud detection (Plaid Protect), credit underwriting (Plaid Check), predicting return risk (Plaid Signal), KYC (Plaid Identity), and instant onboarding (Plaid Layer), with these new products crossing 20% of ARR in 2024 and growing ~90% annually, helping flip Plaid from a ~$50M operating loss in 2024 to full-year adjusted EBITDA profitability in 2025 on ~80% gross margins.</li><li>After its $13.4B peak valuation reset to $6.1B in April 2025 amid 12% growth in 2023, Plaid is now back on an IPO path at an $8B valuation, with the key question whether fraud, credit, and payments can transform the business from the leader on bank connections into a broader financial infrastructure platform with a more diversified revenue base, lower exposure to fintech volume cycles and faster multiproduct growth, where its data network builds a compounding advantage.</li></ul>

Many of Plaid’s biggest consumer fintech customers contracted or decelerated circa 2021 to 2023—from Robinhood ($1.82B to $1.36B revenue, down 25%) to Coinbase ($7.84B to $3.11B, down 60%) to Affirm (71% YoY growth to 18% YoY growth)—which combined with competition from data aggregators like Finicity, MX, and Stripe (Financial Connections) &amp; from banks launching direct APIs—directly impacted Plaid’s usage-based model and drove its revenue deceleration from 56% YoY growth (2020) to 12% YoY (2023).Plaid’s reacceleration over the last two years, with Sacra estimating that the company hit $546M in ARR in 2025, up 40% YoY from $390M in 2024 (up 27% YoY), has come as Plaid has layered on enterprise accounts (Carvana, Rocket Mortgage, H&amp;R Block), which drive more reliable, higher-volume usage while also being more likely to adopt 2+ products from across Plaid’s suite of new SaaS products for fraud detection (Plaid Protect), credit underwriting (Plaid Check), predicting return risk (Plaid Signal), KYC (Plaid Identity), and instant onboarding (Plaid Layer), with these new products crossing 20% of ARR in 2024 and growing ~90% annually, helping flip Plaid from a ~$50M operating loss in 2024 to full-year adjusted EBITDA profitability in 2025 on ~80% gross margins.After its $13.4B peak valuation reset to $6.1B in April 2025 amid 12% growth in 2023, Plaid is now back on an IPO path at an $8B valuation, with the key question whether fraud, credit, and payments can transform the business from the leader on bank connections into a broader financial infrastructure platform with a more diversified revenue base, lower exposure to fintech volume cycles and faster multiproduct growth, where its data network builds a compounding advantage.

Smartkarma AI Primers, Smartkarma

αSK Primers

Smartkarma AI Primers

Smartkarma

Smartkarma unites the fragmented investment industry, connecting institutional investors, independent research providers, and corporates within a single network.

Research Reinvented

Equity Bottom-Up

<ul>
  <li>
<a href="https://smartkarma.com/entities/plaid">Plaid</a> has established itself as a critical infrastructure layer in the fintech ecosystem, with a dominant network of over 8,000 applications and 12,000 financial institutions. Its developer-first approach has created a strong brand and a significant moat.</li>
  <li>The company is successfully transitioning from a pure data aggregator to a multi-product platform, with newer offerings in payments, identity verification, and fraud prevention now accounting for over 20% of Annual Recurring Revenue (ARR) and growing at a much faster rate than its core business.</li>
  <li>While facing increasing competition from other fintech giants and the threat of disintermediation from banks developing their own APIs, <a href="https://smartkarma.com/entities/plaid">Plaid</a>'s strong financial performance, including a 40% year-over-year ARR growth to over $546 million in 2025 and achieving adjusted EBITDA profitability, positions it well for a potential IPO.</li>
</ul><p><em>This content is AI-generated and displayed for general informational purposes only. Please verify independently before use.</em></p>


  
Plaid has established itself as a critical infrastructure layer in the fintech ecosystem, with a dominant network of over 8,000 applications and 12,000 financial institutions. Its developer-first approach has created a strong brand and a significant moat.
  The company is successfully transitioning from a pure data aggregator to a multi-product platform, with newer offerings in payments, identity verification, and fraud prevention now accounting for over 20% of Annual Recurring Revenue (ARR) and growing at a much faster rate than its core business.
  While facing increasing competition from other fintech giants and the threat of disintermediation from banks developing their own APIs, Plaid's strong financial performance, including a 40% year-over-year ARR growth to over $546 million in 2025 and achieving adjusted EBITDA profitability, positions it well for a potential IPO.
This content is AI-generated and displayed for general informational purposes only. Please verify independently before use.

<ul><li>Sacra estimates that Plaid hit $546M in annual recurring revenue (ARR) in 2025, up 40% from $390M in 2024.</li><li>Plaid was most recently valued at $8 billion in a February 2026 employee share sale, an undisclosed-size liquidity transaction that allowed employees to sell stock and extended the company&#39;s runway as a private company.</li><li>Anti-fraud, alternative credit data, and bank payments more than doubled in 2025 and have become a meaningful second growth engine alongside the core connectivity business.</li></ul>

Sacra estimates that Plaid hit $546M in annual recurring revenue (ARR) in 2025, up 40% from $390M in 2024.Plaid was most recently valued at $8 billion in a February 2026 employee share sale, an undisclosed-size liquidity transaction that allowed employees to sell stock and extended the company&#39;s runway as a private company.Anti-fraud, alternative credit data, and bank payments more than doubled in 2025 and have become a meaningful second growth engine alongside the core connectivity business.

<ul><li>Sacra estimates that Ramp hit $1.5B in annualized revenue in May 2026, up from ~$1.2B at the end of 2025.</li><li>By June 2026, Ramp reported 70,000+ business customers, up from 50,000 at the beginning of the year.</li><li>Ramp raised $750M at a $44B post-money valuation in June 2026, with ICONIQ Capital, Singaporean sovereign wealth fund GIC, and the Ontario Teachers' Pension Plan co-leading.</li></ul>

Sacra estimates that Ramp hit $1.5B in annualized revenue in May 2026, up from ~$1.2B at the end of 2025.By June 2026, Ramp reported 70,000+ business customers, up from 50,000 at the beginning of the year.Ramp raised $750M at a $44B post-money valuation in June 2026, with ICONIQ Capital, Singaporean sovereign wealth fund GIC, and the Ontario Teachers' Pension Plan co-leading.

<ul><li>Sacra estimates that Imprint generated $70M in revenue in 2024, up 367% from $15M in 2023.</li><li>Imprint raised $150 million in a Series D round led by Khosla Ventures in December 2025, valuing the company at $1.2 billion and achieving unicorn status.</li><li>Imprint enables consumer brands to launch customized co-branded Visa and Mastercard credit card programs in as little as three months.</li></ul>

Sacra estimates that Imprint generated $70M in revenue in 2024, up 367% from $15M in 2023.Imprint raised $150 million in a Series D round led by Khosla Ventures in December 2025, valuing the company at $1.2 billion and achieving unicorn status.Imprint enables consumer brands to launch customized co-branded Visa and Mastercard credit card programs in as little as three months.

United States

API for fintechs to access and enrich consumer-permissioned bank account data

Price Gauge
52-week Range	0.00 - 0.00
Market Cap (USDm)	0.00
P/E	0.00
Dividend (Yield)	0.00

Plaid (PLAID US)

Plaid At $546M ARR Growing 40% YoY

TL;DR: As consumer fintechs contracted & slowed between 2021 and 2023, Plaid’s usage-based core business slowed to 12% growth. Once it recovered,...

Sacra

Primer: Plaid (PLAID US) - Aug 2026

Plaid has established itself as a critical infrastructure layer in the fintech ecosystem, with a dominant network of over 8,000 applications...

αSK Primers

Primer: Plaid - 02 Jul 2026

API platform that connects applications to users' bank accounts and financial data to enable payments, identity, underwriting, and fraud/risk products

Sacra

Primer: Ramp - 09 Jul 2026

Software for finance teams to manage corporate cards, bill pay, and accounting

Sacra

Primer: Imprint - 17 Feb 2026

Co-branded credit card platform for brands to offer customized rewards programs

Sacra

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)