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 N26 hit $567M in revenue in 2025, up 18% from $482M in 2024.</li><li>N26's planned business banking launch represents its largest near-term TAM expansion opportunity.</li><li>The company posted its first full-year net profit of €1.6 million in 2025, following its first quarterly profit in Q3 2024 with net operating income of $3.1M and monthly profitability starting in June 2024.</li></ul>

Sacra estimates that N26 hit $567M in revenue in 2025, up 18% from $482M in 2024.N26's planned business banking launch represents its largest near-term TAM expansion opportunity.The company posted its first full-year net profit of €1.6 million in 2025, following its first quarterly profit in Q3 2024 with net operating income of $3.1M and monthly profitability starting in June 2024.

<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 Starling Bank generated $966M in revenue in 2024, growing 10% year-over-year from $873M in 2022.</li><li>Starling Bank is valued at $3.57B as of 2024.</li><li>Starling Bank has tailwinds from rising interest rates and the shift to digital banking, with opportunities to expand into adjacent markets like Banking-as-a-Service (BaaS) technology licensing and international banking services.</li></ul>

Sacra estimates Starling Bank generated $966M in revenue in 2024, growing 10% year-over-year from $873M in 2022.Starling Bank is valued at $3.57B as of 2024.Starling Bank has tailwinds from rising interest rates and the shift to digital banking, with opportunities to expand into adjacent markets like Banking-as-a-Service (BaaS) technology licensing and international banking services.

<ul><li>High interest rates helped neobanks like Starling Bank, Monzo, and N26 re-accelerate revenue growth in 2023.</li><li>For those neobanks with the balance sheets to stay alive, interest rates rising from 0.25% to 5.50% between 2022 and 2023 drove significant revenue re-acceleration from the yield on their deposits.</li><li>Geographical expansion remains the next frontier for neobanking—see Monzo’s recent $430M raise designed to help them relaunch in the United States</li></ul>

High interest rates helped neobanks like Starling Bank, Monzo, and N26 re-accelerate revenue growth in 2023.For those neobanks with the balance sheets to stay alive, interest rates rising from 0.25% to 5.50% between 2022 and 2023 drove significant revenue re-acceleration from the yield on their deposits.Geographical expansion remains the next frontier for neobanking—see Monzo’s recent $430M raise designed to help them relaunch in the United States

United Kingdom

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

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Starling Bank (BANK GB)

Primer: N26 - 10 Jul 2026

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

Sacra

Primer: Monzo - 20 Apr 2026

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

Sacra

Primer: Starling Bank - 01 Sep 2025

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

Sacra

European Neobanks Are Back

TL;DR: High interest rates helped neobanks like Starling Bank, Monzo, and N26 re-accelerate revenue growth in 2023. Now, these neobanks—the ones...

Sacra

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