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 £4.5B ($6.0B) in revenue in 2025, up ~50% year-over-year from £3.1B ($4.0B) in FY2024, with profit before tax of £1.7B ($2.3B, 38% PBT margin, +57% YoY) and net profit of £1.3B ($1.7B).</li><li>Revolut&#39;s customer base grew to 68.3M retail customers and 767K business customers by end of FY2025, up from 52.5M retail at end of 2024.</li><li>Revolut most recently completed a secondary share sale (November 2025) that established a $75B valuation, led by Coatue, Greenoaks, Dragoneer, and Fidelity Management &amp; Research, with participation from NVentures and existing employees.</li></ul>

Revolut generated £4.5B ($6.0B) in revenue in 2025, up ~50% year-over-year from £3.1B ($4.0B) in FY2024, with profit before tax of £1.7B ($2.3B, 38% PBT margin, +57% YoY) and net profit of £1.3B ($1.7B).Revolut&#39;s customer base grew to 68.3M retail customers and 767K business customers by end of FY2025, up from 52.5M retail at end of 2024.Revolut most recently completed a secondary share sale (November 2025) that established a $75B valuation, led by Coatue, Greenoaks, Dragoneer, and Fidelity Management &amp; Research, with participation from NVentures and existing employees.

<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>Over the trailing twelve months, customer deposits grew 48% to $22.4B, while their total number of customers grew 25% from 9.7M to 12.2M.</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></ul>

Sacra estimates that Monzo generated $418M in revenue in the first quarter of 2025, after generating $1.254B in all of 2024.Over the trailing twelve months, customer deposits grew 48% to $22.4B, while their total number of customers grew 25% from 9.7M to 12.2M.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.

<ul><li>Varo generated $129M in gross revenue in 2023, growing 27% year-over-year from $101M in 2022.</li><li>In January 2025, Varo filed for a $55M Series G round, closing $29M with 13 investors as of February 2025.</li><li>Varo reduced customer acquisition costs by 31% in 2024.</li></ul>

Varo generated $129M in gross revenue in 2023, growing 27% year-over-year from $101M in 2022.In January 2025, Varo filed for a $55M Series G round, closing $29M with 13 investors as of February 2025.Varo reduced customer acquisition costs by 31% in 2024.

<ul><li>Sacra estimates that Stripe generated $6.9B in net revenue in 2025, up 36% year-over-year from $5.1B in 2024, with $1.2B in EBITDA.</li><li>Stripe&#39;s Revenue and Finance Automation Suite is on track to hit a $1B annual run rate in 2026, up from a $500M run rate in February 2025.</li><li>In February 2026, Stripe launched a new employee liquidity tender offer at a $159B valuation, backed primarily by Thrive Capital, Coatue, and Andreessen Horowitz.</li></ul>

Sacra estimates that Stripe generated $6.9B in net revenue in 2025, up 36% year-over-year from $5.1B in 2024, with $1.2B in EBITDA.Stripe&#39;s Revenue and Finance Automation Suite is on track to hit a $1B annual run rate in 2026, up from a $500M run rate in February 2025.In February 2026, Stripe launched a new employee liquidity tender offer at a $159B valuation, backed primarily by Thrive Capital, Coatue, and Andreessen Horowitz.

<ul><li>Sacra estimates that N26 hit $486M in revenue in 2024, up 40% from $347M in 2023.</li><li>In mid-2025, Bloomberg reported that N26 was considering a new Series F funding round at a reduced valuation.</li><li>N26 has joined Wero, the pan-European digital wallet and instant payment solution.</li></ul>

Sacra estimates that N26 hit $486M in revenue in 2024, up 40% from $347M in 2023.In mid-2025, Bloomberg reported that N26 was considering a new Series F funding round at a reduced valuation.N26 has joined Wero, the pan-European digital wallet and instant payment solution.

United Kingdom

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

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Revolut (REVOLUT GB)

Primer: Revolut - 02 Jun 2026

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

Sacra

Primer: Monzo - 20 Apr 2026

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

Sacra

Primer: Varo - 19 Apr 2026

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

Sacra

Primer: Stripe - 09 Apr 2026

API and software suite for accepting payments and managing online financial transactions

Sacra

Primer: N26 - 17 Feb 2026

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

Sacra

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