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>In June 2023, Bond was acquired by FIS.</li><li>Bond provides the technological infrastructure that enables companies to offer financial services without becoming banks themselves.</li><li>Following acquisition by FIS, Bond became part of the Atelio platform, strengthening its enterprise focus and positioning the combined entity to leverage FIS's established banking relationships and infrastructure.</li></ul>

In June 2023, Bond was acquired by FIS.Bond provides the technological infrastructure that enables companies to offer financial services without becoming banks themselves.Following acquisition by FIS, Bond became part of the Atelio platform, strengthening its enterprise focus and positioning the combined entity to leverage FIS's established banking relationships and infrastructure.

<ul><li>Plaid (2021 valuation: $13.4B) grew 47% in 2021 to reach $250M in revenue and crossed 500M+ connected bank accounts acting as a middleware for fintechs like Block (NYSE: SQ) and Robinhood (NASDAQ: HOOD) to connect to their customers’ bank accounts for moving money to their app or fast-tracking customer onboarding.</li><li>Plaid became a consumer brand—going beyond serving as a white-label account linking service—by putting its logo on the bank linking experience inside fintech apps, sitting in the middle of a 3-sided, Visa-like network of 500M customers, 11,000 banks, and 2,600 fintechs.</li><li>In recent years, data aggregation has stagnated and become commoditized—the major players Plaid, Yodlee, Finicity (acquired by Mastercard for $825M) and MX (2020 valuation: $1.9B) build proprietary connections with only the top ~500 banks while outsourcing development to offshore software companies in India or reselling connections from other data aggregators for the long tail of 11,000+ banks.</li></ul>

Plaid (2021 valuation: $13.4B) grew 47% in 2021 to reach $250M in revenue and crossed 500M+ connected bank accounts acting as a middleware for fintechs like Block (NYSE: SQ) and Robinhood (NASDAQ: HOOD) to connect to their customers’ bank accounts for moving money to their app or fast-tracking customer onboarding.Plaid became a consumer brand—going beyond serving as a white-label account linking service—by putting its logo on the bank linking experience inside fintech apps, sitting in the middle of a 3-sided, Visa-like network of 500M customers, 11,000 banks, and 2,600 fintechs.In recent years, data aggregation has stagnated and become commoditized—the major players Plaid, Yodlee, Finicity (acquired by Mastercard for $825M) and MX (2020 valuation: $1.9B) build proprietary connections with only the top ~500 banks while outsourcing development to offshore software companies in India or reselling connections from other data aggregators for the long tail of 11,000+ banks.

The Future Of Plaid's $250M Screen Scraping Business

<ul><li>Over the last several years, there has been an explosion of retail, travel, SaaS, and other companies expanding into financial services.</li><li>Walmart, IKEA, ServiceTitan and Toast are just 4 of the companies that have launched products like underwriting, interest-free credit, payments and bank accounts in an effort to provide a better experience to their customers and get closer to their wallets.</li><li>As banking platforms around the world have opened up their APIs and banking itself has gone looking for new distribution channels, a new generation of “BaaS” companies has risen to take the premise of Marqeta one step further—offering not just cards but lending, crypto, deposits, and other banking products as a service.</li></ul>

Over the last several years, there has been an explosion of retail, travel, SaaS, and other companies expanding into financial services.Walmart, IKEA, ServiceTitan and Toast are just 4 of the companies that have launched products like underwriting, interest-free credit, payments and bank accounts in an effort to provide a better experience to their customers and get closer to their wallets.As banking platforms around the world have opened up their APIs and banking itself has gone looking for new distribution channels, a new generation of “BaaS” companies has risen to take the premise of Marqeta one step further—offering not just cards but lending, crypto, deposits, and other banking products as a service.

Banking-as-a-Service: The $1T Market To Build The Twilio Of Embedded Finance

<ul><li>Our view of the space is it's pretty nascent.</li><li>And that does give us the optionality later on if we want to enact option two, which is scale across multiple banks, or option three, which is architect the full stack and reverse out to a charter.</li><li>So when you talk about time to market, you also have to think about how progressive or conservative your program looks to a bank.</li></ul>

Our view of the space is it's pretty nascent.And that does give us the optionality later on if we want to enact option two, which is scale across multiple banks, or option three, which is architect the full stack and reverse out to a charter.So when you talk about time to market, you also have to think about how progressive or conservative your program looks to a bank.

Aaron Huang, Head Of Commercial At Productfy, On Choosing The Right Fintech Customers

<ul><li>BaaS players have the next 12 – 24 months to build a default platform for anyone who wants to issue cards.</li><li>The gap in the market currently is that no issuer processor or BaaS platform is fast to market, easy on pricing and scalable.</li><li>It’s likely BaaS sector would sustain high double-digit growth for at least the next 5 years, driven by a mix shift from cash to card, market share gain and TAM expansion from embedded finance.</li></ul>

BaaS players have the next 12 – 24 months to build a default platform for anyone who wants to issue cards.The gap in the market currently is that no issuer processor or BaaS platform is fast to market, easy on pricing and scalable.It’s likely BaaS sector would sustain high double-digit growth for at least the next 5 years, driven by a mix shift from cash to card, market share gain and TAM expansion from embedded finance.

Banking-as-a-Service: Monetization, Competition, And Growth In The Fintech Fastlane

United States

All-in-one banking-as-a-service platform for fintechs and brands to launch financial products

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Productfy (PRODUCTFY US)

Primer: Bond - 16 Apr 2025

API-based software for embedding cards, accounts, and payments into vertical SaaS products

Sacra

The Future Of Plaid's $250M Screen Scraping Business

Plaid (dataset) indexed on the explosive growth of consumer fintech, growing 50% annually for the last 5 years and hitting $250M in revenue in...

Sacra

Banking-as-a-Service: The $1T Market To Build The Twilio Of Embedded Finance

The $1T market for banking-as-a-service is a bet on the rise of embedded finance, the technology-driven movement of financial products and services...

Sacra

Aaron Huang, Head Of Commercial At Productfy, On Choosing The Right Fintech Customers

Our expert interview with Productfy Head of Commercial Aaron Huang on the complex balancing act between BaaS companies and their fintech customers.

Sacra

Banking-as-a-Service: Monetization, Competition, And Growth In The Fintech Fastlane

We distill 100+ pages of expert interviews on banking-as-a-service into top takeaways and key questions.

Sacra

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