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>Float Financial has raised $92.6 million in equity funding since its founding in 2020, most recently closing a $50 million Series B in January 2025 led by Goldman Sachs Growth Equity, with participation from OMERS Ventures, FJ Labs, Teralys, and Garage Capital.</li><li>Float operates a B2B SaaS model targeting Canadian SMBs and mid-market companies with 1-1,000 employees.</li><li>Float's focus on the Canadian market allows the company to optimize for local banking integrations, tax compliance requirements, and currency needs that global competitors struggle to address effectively.</li></ul>

Float Financial has raised $92.6 million in equity funding since its founding in 2020, most recently closing a $50 million Series B in January 2025 led by Goldman Sachs Growth Equity, with participation from OMERS Ventures, FJ Labs, Teralys, and Garage Capital.Float operates a B2B SaaS model targeting Canadian SMBs and mid-market companies with 1-1,000 employees.Float's focus on the Canadian market allows the company to optimize for local banking integrations, tax compliance requirements, and currency needs that global competitors struggle to address effectively.

<ul><li>Keep launched in 2023 as Canada's Brex, targeting SMBs with lower deposit balances (~$50K vs. $2M+ for U.S. startups) but steady interchange revenue.</li><li>After launching Keep Capital (2024) for short-term loans of up to $1M, underwritten via data on cash flows and deposits—targeting the 1.2M Canadian SMBs who struggle to get credit from Canada’s Big Five banks without personal guarantees—Sacra estimates that Keep hit $14M in annualized revenue.</li><li>Unlike U.S. neobanks and corporate cards (Brex, Mercury) that built on VC-backed startups, Keep primarily serves Canadian SMBs that generate steady revenue but need working capital, creating a fundamentally different risk profile with lower deposit balances (~$50K average vs. $2M+ for U.S. startup customers) but more predictable interchange revenue.</li></ul>

Keep launched in 2023 as Canada's Brex, targeting SMBs with lower deposit balances (~$50K vs. $2M+ for U.S. startups) but steady interchange revenue.After launching Keep Capital (2024) for short-term loans of up to $1M, underwritten via data on cash flows and deposits—targeting the 1.2M Canadian SMBs who struggle to get credit from Canada’s Big Five banks without personal guarantees—Sacra estimates that Keep hit $14M in annualized revenue.Unlike U.S. neobanks and corporate cards (Brex, Mercury) that built on VC-backed startups, Keep primarily serves Canadian SMBs that generate steady revenue but need working capital, creating a fundamentally different risk profile with lower deposit balances (~$50K average vs. $2M+ for U.S. startup customers) but more predictable interchange revenue.

<ul><li>Checkout friction in external linking still favors Apple’s in-app flow even at the 30% fee, but the pain line starts at $5-10M in annual revenue for developers to consider routing payments externally to their existing payment processor for web payments like Stripe or Adyen.</li><li>For global enterprises opting out of Apple’s in-app payments, the solution isn’t just Stripe or a single payment processor; it means bringing together a number of regional payment providers like Stripe (US), Adyen (EU), PortOne (South Korea) & Airwallex (SEA) that use local bank rails and enforce local regulation like real-time e-invoicing mandates (EU, LatAm).</li><li>Unbundling their stack from vertically-integrated Stripe payments, billing and tax products, enterprise-level customers shift towards best-in-breed financial SaaS point solutions as they grow — for example in sales tax, adopting an independent tax layer in Taxwire, Anrok ($54M raised, Sequoia) & Avalara (acquired by Vista Equity Partners for $8.4B) that spans multiple payment processors and ledgers.</li></ul>

Checkout friction in external linking still favors Apple’s in-app flow even at the 30% fee, but the pain line starts at $5-10M in annual revenue for developers to consider routing payments externally to their existing payment processor for web payments like Stripe or Adyen.For global enterprises opting out of Apple’s in-app payments, the solution isn’t just Stripe or a single payment processor; it means bringing together a number of regional payment providers like Stripe (US), Adyen (EU), PortOne (South Korea) & Airwallex (SEA) that use local bank rails and enforce local regulation like real-time e-invoicing mandates (EU, LatAm).Unbundling their stack from vertically-integrated Stripe payments, billing and tax products, enterprise-level customers shift towards best-in-breed financial SaaS point solutions as they grow — for example in sales tax, adopting an independent tax layer in Taxwire, Anrok ($54M raised, Sequoia) & Avalara (acquired by Vista Equity Partners for $8.4B) that spans multiple payment processors and ledgers.

Andrew Rea, CEO Of Taxwire, On Why Enterprises Need More Than Stripe

<ul><li>Luminance is pushing furthest into fully autonomous “AI-to-AI” deal-making.</li><li>Growth accelerated in 2024 as Luminance introduced Lumi Go and Auto-Markup for AI-led negotiation, growing to a Sacra-estimated $30M ARR at the end of 2024, up 150% YoY.</li><li>With vertical integration across its model stack, document ingestion, clause flagging, and negotiation workflow, Luminance is positioning to own every high-volume, high-risk document flow across legal, compliance, procurement, and sales—effectively becoming a system of record for AI-native document intelligence.</li></ul>

Luminance is pushing furthest into fully autonomous “AI-to-AI” deal-making.Growth accelerated in 2024 as Luminance introduced Lumi Go and Auto-Markup for AI-led negotiation, growing to a Sacra-estimated $30M ARR at the end of 2024, up 150% YoY.With vertical integration across its model stack, document ingestion, clause flagging, and negotiation workflow, Luminance is positioning to own every high-volume, high-risk document flow across legal, compliance, procurement, and sales—effectively becoming a system of record for AI-native document intelligence.

<ul><li>Mercury has established itself as the banking platform of choice for startups with $20B in deposits and a growing suite of financial workflow products.</li><li>Mercury’s revenue model is driven primarily by interest income on its $20B in deposits—shared with banking partners like Choice and Column—with a smaller share from interchange fees and $35–$350/month SaaS, making it deposit yield–driven and sensitive to rates and venture liquidity, while Ramp and Brex are volume- and transaction-driven, monetizing spend, SaaS seats, and product expansion.</li><li>As Ramp and Brex double down on spend management, SaaS expansion and enterprise workflows that align with their business model, Mercury is leaning further into its “SVB but better” positioning—a bank account-centric platform purpose-built for startups and VCs, with treasury tools, embedded workflows, and venture-specific features layered onto a trusted deposit base.</li></ul>

Mercury has established itself as the banking platform of choice for startups with $20B in deposits and a growing suite of financial workflow products.Mercury’s revenue model is driven primarily by interest income on its $20B in deposits—shared with banking partners like Choice and Column—with a smaller share from interchange fees and $35–$350/month SaaS, making it deposit yield–driven and sensitive to rates and venture liquidity, while Ramp and Brex are volume- and transaction-driven, monetizing spend, SaaS seats, and product expansion.As Ramp and Brex double down on spend management, SaaS expansion and enterprise workflows that align with their business model, Mercury is leaning further into its “SVB but better” positioning—a bank account-centric platform purpose-built for startups and VCs, with treasury tools, embedded workflows, and venture-specific features layered onto a trusted deposit base.

United States

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

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Ramp (COM US)

Primer: Float - 01 Jun 2025

Platform offering corporate cards and spend management solutions for Canadian businesses

Sacra

Keep At $14M/year Growing 383% YoY

TL;DR: Keep launched in 2023 as Canada's Brex, targeting SMBs with lower deposit balances (~$50K vs. $2M+ for U.S. startups) but steady interchange...

Sacra

Andrew Rea, CEO Of Taxwire, On Why Enterprises Need More Than Stripe

Apple doesn't only provide distribution (saving on sales & marketing expenses) and payments but it also handles fraud, chargebacks, subscriptions,...

Sacra

Luminance At $30M ARR

TL;DR: AI-native contract review and negotiation platforms are rapidly replacing manual red-lining, and Luminance is pushing furthest into fully...

Sacra

Mercury At $500M Annualized Revenue

TL;DR: Mercury has established itself as the banking platform of choice for startups with $20B in deposits and a growing suite of financial...

Sacra

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