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 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 started as a mobile card reader company and now offers a suite for small businesses to accept payments, manage money, and run operations.</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 started as a mobile card reader company and now offers a suite for small businesses to accept payments, manage money, and run operations.

<ul><li>Crypto-native neobanks in geographies like Latin America and Africa have begun to emerge, using stablecoins to offer USD-denominated financial services, where local currency volatility otherwise makes business planning impossible.</li><li>Twenty years ago, just as card-on-file tokenization gave rise to recurring subscription consumer businesses like Netflix &amp; Spotify—today, instant atomic settlement on stablecoin rails unlocks business models impossible on T+2 clearing, like streaming payroll that pays by the second, instant cross-border supplier payments, and conditional money flows that execute based on real-world triggers.</li><li>Beyond monetizing payment volume, stablecoins rails enable a new tier of programmable features—multi-party settlement logic, smart-contract templates, conditional escrows—that providers like Reap ($59.7M raised, HashKey Capital &amp; Acorn Pacific Ventures) and Bridge (acquired by Stripe for $1.1B in February 2025) can price as premium capabilities, similar to how Stripe charges for Billing, Radar and Connect atop payments.</li></ul>

Crypto-native neobanks in geographies like Latin America and Africa have begun to emerge, using stablecoins to offer USD-denominated financial services, where local currency volatility otherwise makes business planning impossible.Twenty years ago, just as card-on-file tokenization gave rise to recurring subscription consumer businesses like Netflix &amp; Spotify—today, instant atomic settlement on stablecoin rails unlocks business models impossible on T+2 clearing, like streaming payroll that pays by the second, instant cross-border supplier payments, and conditional money flows that execute based on real-world triggers.Beyond monetizing payment volume, stablecoins rails enable a new tier of programmable features—multi-party settlement logic, smart-contract templates, conditional escrows—that providers like Reap ($59.7M raised, HashKey Capital &amp; Acorn Pacific Ventures) and Bridge (acquired by Stripe for $1.1B in February 2025) can price as premium capabilities, similar to how Stripe charges for Billing, Radar and Connect atop payments.

Kevin Kang, co-founder Of Reap, On stablecoin-native Business Models In Fintech

United Kingdom

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

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Revolut (REVOLUT GB)

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

Kevin Kang, co-founder Of Reap, On stablecoin-native Business Models In Fintech

Maybe we'll start off with the top level—if you can give us the short version of what Reap is and what inspired you to start the company...

Sacra

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