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>We wanted to learn more about the Melbourne-based Airwallex, which recently surpassed $100B in transaction volume and announced that it plans to go public in 2026.</li><li>COVID brought a surge in cross-border payments, helping Airwallex grow to $30B in annualized volume in 2021 and $100B as of July 2024 (up 73% YoY), with 100,000 customers for about $1M in payments volume per customer and a revenue run rate of $500M (up ~80% YoY).</li><li>Airwallex is pushing aggressively into Europe, the UK, and the Americas as an embedded finance platform—60% of revenue now comes from its API and products like Payments for Platforms (a la Stripe Connect)—to get distribution into the highly saturated fintech ecosystem of the West and the 100M+ SMBs it serves.</li></ul>

We wanted to learn more about the Melbourne-based Airwallex, which recently surpassed $100B in transaction volume and announced that it plans to go public in 2026.COVID brought a surge in cross-border payments, helping Airwallex grow to $30B in annualized volume in 2021 and $100B as of July 2024 (up 73% YoY), with 100,000 customers for about $1M in payments volume per customer and a revenue run rate of $500M (up ~80% YoY).Airwallex is pushing aggressively into Europe, the UK, and the Americas as an embedded finance platform—60% of revenue now comes from its API and products like Payments for Platforms (a la Stripe Connect)—to get distribution into the highly saturated fintech ecosystem of the West and the 100M+ SMBs it serves.

<ul><li>1Password hit $265M annual recurring revenue (ARR) in 2023, up 33% year-over-year, as they integrate into enterprise workflows around access management and device security.</li><li>Sacra estimates that 1Password hit $265M ARR at the end of 2023, still growing at 30%+ year-over-year as they've expanded from individuals to families to SMBs to the enterprise.</li><li>In the enterprise, 1Password now competes with Rippling ($350M ARR), which bundles authentication into device management, and Okta, which launched the free Okta Personal into their extended IAM platform.</li></ul>

1Password hit $265M annual recurring revenue (ARR) in 2023, up 33% year-over-year, as they integrate into enterprise workflows around access management and device security.Sacra estimates that 1Password hit $265M ARR at the end of 2023, still growing at 30%+ year-over-year as they've expanded from individuals to families to SMBs to the enterprise.In the enterprise, 1Password now competes with Rippling ($350M ARR), which bundles authentication into device management, and Okta, which launched the free Okta Personal into their extended IAM platform.

<ul><li>The rise of the API economy drove an unbundling wave across all-in-one solutions like RJMetrics (founded by Bob in 2008), fostering a cooperative ecosystem.</li><li>Partnership management products like Crossbeam ($117M raised), PartnerStack ($36M raised), and Impartner ($145M raised) give partnership teams software to make it easy to identify overlaps in customers.</li><li>Partnership products amass a trove of “second-party” data—the rich, proprietary data shared between partners—which has the potential to power an alternative ad network for B2B.</li></ul>

The rise of the API economy drove an unbundling wave across all-in-one solutions like RJMetrics (founded by Bob in 2008), fostering a cooperative ecosystem.Partnership management products like Crossbeam ($117M raised), PartnerStack ($36M raised), and Impartner ($145M raised) give partnership teams software to make it easy to identify overlaps in customers.Partnership products amass a trove of “second-party” data—the rich, proprietary data shared between partners—which has the potential to power an alternative ad network for B2B.

Bob Moore, CEO And co-founder Of Crossbeam, On ecosystem-led Growth

<ul><li>We last spoke last April, when our company was doing over $80 million ARR.</li><li>Guideline announced hitting $100M ARR in January of this year.</li><li>We&#39;re now over $120M, growing 35%+ year-over-year.</li></ul>

We last spoke last April, when our company was doing over $80 million ARR.Guideline announced hitting $100M ARR in January of this year.We&#39;re now over $120M, growing 35%+ year-over-year.

Kevin Busque And Steven Wu, CEO And CFO Of Guideline, On Hitting $120M ARR

<ul><li>In terms of milestones, we just crossed 350 customers, and that's something we're happy about.</li><li>We saw an opportunity where things were challenging in the mid-market, it didn't look like it was going to get any easier with all the competition, but we were seeing surprisingly strong pull downmarket from these SMBs who wanted to use the product.</li><li>Basically every company needs to report on their numbers—the crucial thing is that at any point in the year, any company will need to be reporting on their numbers—whether it's the ARR reporting, whether it's their burn and runway or that kind of stuff.</li></ul>

In terms of milestones, we just crossed 350 customers, and that's something we're happy about.We saw an opportunity where things were challenging in the mid-market, it didn't look like it was going to get any easier with all the competition, but we were seeing surprisingly strong pull downmarket from these SMBs who wanted to use the product.Basically every company needs to report on their numbers—the crucial thing is that at any point in the year, any company will need to be reporting on their numbers—whether it's the ARR reporting, whether it's their burn and runway or that kind of stuff.

Taimur Abdaal, CEO And co-founder Of Causal, On The Future Of The "Better Spreadsheet"

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Workforce management software unifying HR, IT, and contractor payroll for global teams

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Rippling (RIPPLING US)

Airwallex At $100B TPV

TL;DR: Sacra estimates that Airwallex hit $100B in annual transaction volume in 2024, up 73% year-over-year, for a revenue run rate of $500M. Now,...

Sacra

1Password At $265M ARR

TL;DR: Sacra estimates that 1Password hit $265M annual recurring revenue (ARR) in 2023, up 33% year-over-year, as they integrate into enterprise...

Sacra

Bob Moore, CEO And co-founder Of Crossbeam, On ecosystem-led Growth

You previously co-founded RJMetrics, a seminal analytics company, and Stitch, which was a precursor to many of the ETL/ELT-type companies in the...

Sacra

Kevin Busque And Steven Wu, CEO And CFO Of Guideline, On Hitting $120M ARR

Sacra interview with Kevin Busque and Steven Wu, CEO and CFO of Guideline.

Sacra

Taimur Abdaal, CEO And co-founder Of Causal, On The Future Of The "Better Spreadsheet"

Where does Causal have the strongest product-market fit today and what milestones have you hit that you want to share...

Sacra

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