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>Mercury is becoming the Booking.com of startup banking, aggregating demand using free checking accounts and the best banking experience to commoditize suppliers (partner banks) who pay for access to Mercury’s customer base.</li><li>SVB got unbundled during COVID and then unwound completely in 48 hours, with Mercury and Brex initially emerging as the primary beneficiaries, with Mercury adding $2B+ in deposits and thousands of customers in a week.</li><li>SVB’s growth left it vulnerable to bottom-up disruption from Mercury and Brex (both founded in 2017), which offered bank accounts and corporate cards to underserved startups outside the core Silicon Valley clique (e.g., international startups).</li></ul>

Mercury is becoming the Booking.com of startup banking, aggregating demand using free checking accounts and the best banking experience to commoditize suppliers (partner banks) who pay for access to Mercury’s customer base.SVB got unbundled during COVID and then unwound completely in 48 hours, with Mercury and Brex initially emerging as the primary beneficiaries, with Mercury adding $2B+ in deposits and thousands of customers in a week.SVB’s growth left it vulnerable to bottom-up disruption from Mercury and Brex (both founded in 2017), which offered bank accounts and corporate cards to underserved startups outside the core Silicon Valley clique (e.g., international startups).

Mercury: The Unbundling Of Silicon Valley Bank

Chime Financial / Private Capital Markets

<ul><li>Chime (launched 2012) found initial product-market fit marketing to millennials and the 75% of Americans living paycheck-to-paycheck with no-fee accounts and 2 days early access to their wages.</li><li>Chime can grow ARPU from the ~$30-$120 of a top interchange-based neobank to the $1,200 of a full-service consumer retail bank like a Bank of America and increase LTV by turning on additional features like crypto, investing, insurance, and most importantly, lending.</li><li>Chime’s lead gives it the chance to build the CNBC of finance superapps, positioned against Cash App’s meme-y, Wall Street Bets-adjacent finance superapp.</li></ul>

Chime (launched 2012) found initial product-market fit marketing to millennials and the 75% of Americans living paycheck-to-paycheck with no-fee accounts and 2 days early access to their wages.Chime can grow ARPU from the ~$30-$120 of a top interchange-based neobank to the $1,200 of a full-service consumer retail bank like a Bank of America and increase LTV by turning on additional features like crypto, investing, insurance, and most importantly, lending.Chime’s lead gives it the chance to build the CNBC of finance superapps, positioned against Cash App’s meme-y, Wall Street Bets-adjacent finance superapp.

<ul><li>We recently announced our Integration Partner Program at Lithic, where we work with the best fintech infrastructure providers out there to build joint solutions for our customers.</li><li>It’s still the first innings for embedded financial services. It&#39;s going to be a multi-trillion dollar opportunity over the next few decades, and if each player gets even a little bit of share, that&#39;s more than enough room to build giant businesses.</li><li>Having grown out of Privacy.com and actually dogfooding our own card issuing infrastructure, Lithic has benefited immensely.</li></ul>

We recently announced our Integration Partner Program at Lithic, where we work with the best fintech infrastructure providers out there to build joint solutions for our customers.It’s still the first innings for embedded financial services. It&#39;s going to be a multi-trillion dollar opportunity over the next few decades, and if each player gets even a little bit of share, that&#39;s more than enough room to build giant businesses.Having grown out of Privacy.com and actually dogfooding our own card issuing infrastructure, Lithic has benefited immensely.

Nikil Konduru, GTM Strategy At Lithic, On The Future Of Card Issuing

<ul><li>Shamir Karkal is the CEO and co-founder of payments infrastructure as a service business Sila.</li><li>The BBVA Open Platform never really got traction because it never solved the compliance problems for customers.</li><li>If I'm being honest, I expect to see another ten consolidated platforms, at least, launch in the next 18 plus months.</li></ul>

Shamir Karkal is the CEO and co-founder of payments infrastructure as a service business Sila.The BBVA Open Platform never really got traction because it never solved the compliance problems for customers.If I'm being honest, I expect to see another ten consolidated platforms, at least, launch in the next 18 plus months.

Shamir Karkal, co-founder And CEO Of Sila, On The Modern Payments Stack

<ul><li>Over the last several years, there has been an explosion of retail, travel, SaaS, and other companies expanding into financial services.</li><li>Walmart, IKEA, ServiceTitan and Toast are just 4 of the companies that have launched products like underwriting, interest-free credit, payments and bank accounts in an effort to provide a better experience to their customers and get closer to their wallets.</li><li>As banking platforms around the world have opened up their APIs and banking itself has gone looking for new distribution channels, a new generation of “BaaS” companies has risen to take the premise of Marqeta one step further—offering not just cards but lending, crypto, deposits, and other banking products as a service.</li></ul>

Over the last several years, there has been an explosion of retail, travel, SaaS, and other companies expanding into financial services.Walmart, IKEA, ServiceTitan and Toast are just 4 of the companies that have launched products like underwriting, interest-free credit, payments and bank accounts in an effort to provide a better experience to their customers and get closer to their wallets.As banking platforms around the world have opened up their APIs and banking itself has gone looking for new distribution channels, a new generation of “BaaS” companies has risen to take the premise of Marqeta one step further—offering not just cards but lending, crypto, deposits, and other banking products as a service.

Banking-as-a-Service: The $1T Market To Build The Twilio Of Embedded Finance

United States

API for ACH, KYC, and crypto payments for fintech and crypto app developers

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Sila (SILA US)

Mercury: The Unbundling Of Silicon Valley Bank

TL;DR: As Silicon Valley Bank collapsed last week, $3B+ in funds flowed through the startup ecosystem to other startups, particularly neobanks...

Sacra

Chime: The $1.3B/year could-be Superapp

Chime (dataset) built the #1 neobank in the United States by focusing on lower-income consumers looking for early access to paychecks. Now, they...

Sacra

Nikil Konduru, GTM Strategy At Lithic, On The Future Of Card Issuing

Sacra's interview with Lithic's GTM Strategy Nikil Konduru on modern issuer processors, banking-as-a-service, and embedded finance.

Sacra

Shamir Karkal, co-founder And CEO Of Sila, On The Modern Payments Stack

Sacra's interview with Shamir Karkal, CEO and co-founder of Sila Money, about the history of payments infrastructure as a service and the trade...

Sacra

Banking-as-a-Service: The $1T Market To Build The Twilio Of Embedded Finance

The $1T market for banking-as-a-service is a bet on the rise of embedded finance, the technology-driven movement of financial products and services...

Sacra

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