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>Revolut generated $6B in 2025 revenue, up 50% YoY from $4B, with pre-tax profit up 57% to $2.3B (38% margin), 70M+ retail customers (+30% YoY) and customer balances of $67.5B (+66% YoY), valued at $75B as of its $3B raise in November 2025 for a 12.5x revenue multiple.</li><li>After Wealth (crypto + stocks) was Revolut's breakout business in 2024 at 298% YoY growth, it slowed to 31% YoY in 2025 with the crypto decline, Revolut is increasingly building a diversified fee-based platform where 1) it is less dependent on interest rates, and 2) no single product line dominates, with subscriptions growing the fastest in 2025 to $936M (+67%, ~16% of revenue), followed by card payments at $1.3B (+45%, ~22%) and FX at $800M (+43%, ~13%), with the company now having 11 separate product lines each generating $135M+ per year.</li><li>B2B is becoming a real second act, with Revolut Business reaching 767K customers in FY2025, hitting $1B in annualized revenue by late 2025, processing $365B in volume across payments, FX, cards and software, and expanding in April 2026 into employer of record with GlobalHire to go after Deel.</li></ul>

Revolut generated $6B in 2025 revenue, up 50% YoY from $4B, with pre-tax profit up 57% to $2.3B (38% margin), 70M+ retail customers (+30% YoY) and customer balances of $67.5B (+66% YoY), valued at $75B as of its $3B raise in November 2025 for a 12.5x revenue multiple.After Wealth (crypto + stocks) was Revolut's breakout business in 2024 at 298% YoY growth, it slowed to 31% YoY in 2025 with the crypto decline, Revolut is increasingly building a diversified fee-based platform where 1) it is less dependent on interest rates, and 2) no single product line dominates, with subscriptions growing the fastest in 2025 to $936M (+67%, ~16% of revenue), followed by card payments at $1.3B (+45%, ~22%) and FX at $800M (+43%, ~13%), with the company now having 11 separate product lines each generating $135M+ per year.B2B is becoming a real second act, with Revolut Business reaching 767K customers in FY2025, hitting $1B in annualized revenue by late 2025, processing $365B in volume across payments, FX, cards and software, and expanding in April 2026 into employer of record with GlobalHire to go after Deel.

<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

<ul><li>Alpaca hit $60M in annualized revenue in 2024, up 150% YoY as trading volume tripled to ~$180B.</li><li>Alpaca (2015) launched to do the same for the rest of the world, enabling fintechs in Asia &amp; the Middle East to bolt U.S. equities, margin, and option trading into their apps.</li><li>Over the next year, Alpaca is adding global equities, fixed income, and deeper options capabilities, building towards coverage of every major asset class.</li></ul>

Alpaca hit $60M in annualized revenue in 2024, up 150% YoY as trading volume tripled to ~$180B.Alpaca (2015) launched to do the same for the rest of the world, enabling fintechs in Asia &amp; the Middle East to bolt U.S. equities, margin, and option trading into their apps.Over the next year, Alpaca is adding global equities, fixed income, and deeper options capabilities, building towards coverage of every major asset class.

<ul><li>Neo Financial is building a vertically integrated consumer finance platform to compete with the Big Six banks—starting with a high-cashback Mastercard and expanding into savings, investing, mortgages, and BaaS.</li><li>Riding the wave of 4-5 % interest rates to drive deposits growth and rolling out Neo Mortgage nationwide for $200M in home-loan originations in its first year, Sacra estimates Neo Financial reached $115M in revenue run rate at the end of 2024, up ~40% YoY.</li><li>With Revolut withdrawing from Canada and few home-grown startup challengers (Koho, Wealthsimple), Neo Financial’s deep local ties are key to user acquisition in a market where 90%+ of consumers bank with the Big Six.</li></ul>

Neo Financial is building a vertically integrated consumer finance platform to compete with the Big Six banks—starting with a high-cashback Mastercard and expanding into savings, investing, mortgages, and BaaS.Riding the wave of 4-5 % interest rates to drive deposits growth and rolling out Neo Mortgage nationwide for $200M in home-loan originations in its first year, Sacra estimates Neo Financial reached $115M in revenue run rate at the end of 2024, up ~40% YoY.With Revolut withdrawing from Canada and few home-grown startup challengers (Koho, Wealthsimple), Neo Financial’s deep local ties are key to user acquisition in a market where 90%+ of consumers bank with the Big Six.

<ul><li>Sacra estimates Revolut hit $4.0B in revenue in 2024, up 75% YoY from $2.3B in 2023, with its Wealth unit (crypto and stocks) growing 298% YoY to $647M.</li><li>Founded in 2015 as a travel-focused FX card that undercut banks' 3-5% foreign exchange spreads with zero-fee interbank rates, Revolut expanded beyond its "must-pack travel accessory" positioning into P2P payments (2015), cryptocurrency trading (2017), stock trading (2019), and now UK banking (licence granted July 2024)—transforming from a single-purpose prepaid card into Europe's largest neobank.</li><li>Capitalizing on the crypto bull market where Bitcoin tripled and retail trading volumes surged across Europe, Sacra estimates that Revolut hit $4.0B in revenue in 2024, up 75% YoY from $2.3B in 2023, with Revolut Wealth (crypto and stock investing) as the fastest growing unit of business at $647M of revenue, up 298% YoY, valued at $45B for a 11.25x revenue multiple.</li></ul>

Sacra estimates Revolut hit $4.0B in revenue in 2024, up 75% YoY from $2.3B in 2023, with its Wealth unit (crypto and stocks) growing 298% YoY to $647M.Founded in 2015 as a travel-focused FX card that undercut banks' 3-5% foreign exchange spreads with zero-fee interbank rates, Revolut expanded beyond its "must-pack travel accessory" positioning into P2P payments (2015), cryptocurrency trading (2017), stock trading (2019), and now UK banking (licence granted July 2024)—transforming from a single-purpose prepaid card into Europe's largest neobank.Capitalizing on the crypto bull market where Bitcoin tripled and retail trading volumes surged across Europe, Sacra estimates that Revolut hit $4.0B in revenue in 2024, up 75% YoY from $2.3B in 2023, with Revolut Wealth (crypto and stock investing) as the fastest growing unit of business at $647M of revenue, up 298% YoY, valued at $45B for a 11.25x revenue multiple.

United Kingdom

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

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Revolut (REVOLUT GB)

Revolut At $6B/year Growing 50% YoY

TL;DR: After crypto carried Revolut's 2024 growth, the Revolut of 2026 looks much more like a diversified fee-based platform where no single...

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

Alpaca At $60M/year Growing 150% YoY

TL;DR: Alpaca is building the global equivalent of Apex Fintech Solutions—providing embedded brokerage APIs for fintechs outside the US to offer...

Sacra

$115M/year Chime Of Canada

TL;DR: Founded in 2019 as Canada’s answer to Chime, Neo Financial is building a vertically integrated consumer finance platform to compete with the...

Sacra

Revolut At $4B/year Growing 75% YoY

TL;DR: With the rise of mobile-first banking and crypto trading across Europe, Revolut has evolved from a zero-fee travel card into a financial...

Sacra

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