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 N26 hit $567M in revenue in 2025, up 18% from $482M in 2024.</li><li>N26's planned business banking launch represents its largest near-term TAM expansion opportunity.</li><li>The company posted its first full-year net profit of €1.6 million in 2025, following its first quarterly profit in Q3 2024 with net operating income of $3.1M and monthly profitability starting in June 2024.</li></ul>

Sacra estimates that N26 hit $567M in revenue in 2025, up 18% from $482M in 2024.N26's planned business banking launch represents its largest near-term TAM expansion opportunity.The company posted its first full-year net profit of €1.6 million in 2025, following its first quarterly profit in Q3 2024 with net operating income of $3.1M and monthly profitability starting in June 2024.

<ul><li>Sacra estimates that Varo generated $153.4M in gross revenue in 2025, down 1% YoY from $154.8M in 2024, as growth stalled after 2024&#39;s 20% jump from $129M in 2023.</li><li>Profitability has moved in the opposite direction of what the growth story would suggest: net losses narrowed sharply from $105.2M in 2023 to $65.0M in 2024, but widened back out to $91.8M in 2025.</li><li>Varo&#39;s total equity capital declined to approximately $54M in Q3 2025 while the company continued posting significant losses (nearly $65M in December 2024).</li></ul>

Sacra estimates that Varo generated $153.4M in gross revenue in 2025, down 1% YoY from $154.8M in 2024, as growth stalled after 2024&#39;s 20% jump from $129M in 2023.Profitability has moved in the opposite direction of what the growth story would suggest: net losses narrowed sharply from $105.2M in 2023 to $65.0M in 2024, but widened back out to $91.8M in 2025.Varo&#39;s total equity capital declined to approximately $54M in Q3 2025 while the company continued posting significant losses (nearly $65M in December 2024).

<ul><li>Sacra estimates that Swile generated $265M in 2025, up 20% YoY from $221M in 2024 and $176M in 2023.</li><li>Swile generated $17M in net income in 2025, up from $2M in 2024, and reached roughly $57M in implied EBITDA.</li><li>Swile acquired five companies with new products, such as gift vouchers and employee engagement tools, coming out of these acquisitions.</li></ul>

Sacra estimates that Swile generated $265M in 2025, up 20% YoY from $221M in 2024 and $176M in 2023.Swile generated $17M in net income in 2025, up from $2M in 2024, and reached roughly $57M in implied EBITDA.Swile acquired five companies with new products, such as gift vouchers and employee engagement tools, coming out of these acquisitions.

<ul><li>Sacra estimates that Monzo generated $418M in revenue in the first quarter of 2025, after generating $1.254B in all of 2024.</li><li>Monzo reported a pre-tax profit of £60.4M in its most recent results, building on $81.7M in pre-tax profits for FY2025 compared to $18.8M the prior year — marking their second consecutive year of profitability.</li><li>Monzo's international strategy is now concentrated on the EU, anchored by its Irish banking license, which enables multi-market entry without requiring separate regulatory approvals in each jurisdiction.</li></ul>

Sacra estimates that Monzo generated $418M in revenue in the first quarter of 2025, after generating $1.254B in all of 2024.Monzo reported a pre-tax profit of £60.4M in its most recent results, building on $81.7M in pre-tax profits for FY2025 compared to $18.8M the prior year — marking their second consecutive year of profitability.Monzo's international strategy is now concentrated on the EU, anchored by its Irish banking license, which enables multi-market entry without requiring separate regulatory approvals in each jurisdiction.

<ul><li>Sacra estimates that SumUp hit $600M in annualized revenue (ARR) in 2025.</li><li>SumUp completed a $1.62 billion (€1.5 billion) private credit financing in May 2024 led by Goldman Sachs.</li><li>SumUp's re-entry into the US market through the Fivestars acquisition provides access to the world's largest small business payments market.</li></ul>

Sacra estimates that SumUp hit $600M in annualized revenue (ARR) in 2025.SumUp completed a $1.62 billion (€1.5 billion) private credit financing in May 2024 led by Goldman Sachs.SumUp's re-entry into the US market through the Fivestars acquisition provides access to the world's largest small business payments market.

United Kingdom

Mobile banking app offering checking, savings, investing, and lending for global consumers

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Revolut (REVOLUT GB)

Primer: N26 - 10 Jul 2026

Mobile banking app offering fee-free accounts and debit cards to European consumers

Sacra

Primer: Varo - 09 Jul 2026

Mobile banking app offering checking accounts, savings, and debit cards to consumers

Sacra

Primer: Swile - 09 Jul 2026

Smart card and app for managing employee meal, gift, and travel benefits

Sacra

Primer: Monzo - 20 Apr 2026

Mobile banking app offering checking, savings, lending, and subscriptions to UK consumers

Sacra

Primer: SumUp - 08 Jan 2026

Payment tools for small businesses including card readers, POS systems, and invoicing software

Sacra

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