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>Primer is valued at $425 million as of their October 2021 Series B round, led by ICONIQ Growth.</li><li>In 2023, Primer raised an additional £16.6 million convertible loan to extend runway, ending the year with £28 million in cash.</li><li>Primer's launch of Primer for Growth represents a significant TAM expansion into the startup and scale-up segment.</li></ul>

Primer is valued at $425 million as of their October 2021 Series B round, led by ICONIQ Growth.In 2023, Primer raised an additional £16.6 million convertible loan to extend runway, ending the year with £28 million in cash.Primer's launch of Primer for Growth represents a significant TAM expansion into the startup and scale-up segment.

<ul><li>Checkout friction in external linking still favors Apple’s in-app flow even at the 30% fee, but the pain line starts at $5-10M in annual revenue for developers to consider routing payments externally to their existing payment processor for web payments like Stripe or Adyen.</li><li>For global enterprises opting out of Apple’s in-app payments, the solution isn’t just Stripe or a single payment processor; it means bringing together a number of regional payment providers like Stripe (US), Adyen (EU), PortOne (South Korea) & Airwallex (SEA) that use local bank rails and enforce local regulation like real-time e-invoicing mandates (EU, LatAm).</li><li>Unbundling their stack from vertically-integrated Stripe payments, billing and tax products, enterprise-level customers shift towards best-in-breed financial SaaS point solutions as they grow — for example in sales tax, adopting an independent tax layer in Taxwire, Anrok ($54M raised, Sequoia) & Avalara (acquired by Vista Equity Partners for $8.4B) that spans multiple payment processors and ledgers.</li></ul>

Checkout friction in external linking still favors Apple’s in-app flow even at the 30% fee, but the pain line starts at $5-10M in annual revenue for developers to consider routing payments externally to their existing payment processor for web payments like Stripe or Adyen.For global enterprises opting out of Apple’s in-app payments, the solution isn’t just Stripe or a single payment processor; it means bringing together a number of regional payment providers like Stripe (US), Adyen (EU), PortOne (South Korea) & Airwallex (SEA) that use local bank rails and enforce local regulation like real-time e-invoicing mandates (EU, LatAm).Unbundling their stack from vertically-integrated Stripe payments, billing and tax products, enterprise-level customers shift towards best-in-breed financial SaaS point solutions as they grow — for example in sales tax, adopting an independent tax layer in Taxwire, Anrok ($54M raised, Sequoia) & Avalara (acquired by Vista Equity Partners for $8.4B) that spans multiple payment processors and ledgers.

Andrew Rea, CEO Of Taxwire, On Why Enterprises Need More Than Stripe

<ul><li>On April 30th, a federal judge barred Apple from impeding external payment links in iOS apps and prohibited charging commissions on purchases made outside of Apple.</li><li>Five years later, Judge Yvonne Gonzalez Rogers has ruled that Apple must let developers use external payments without fees—effectively unbundling App Store billing from iOS distribution.</li><li>Stripe, with its iOS SDK and $1.4T in yearly payments volume, stands to benefit the most from $90B in App Store volume freed up by this ruling.</li></ul>

On April 30th, a federal judge barred Apple from impeding external payment links in iOS apps and prohibited charging commissions on purchases made outside of Apple.Five years later, Judge Yvonne Gonzalez Rogers has ruled that Apple must let developers use external payments without fees—effectively unbundling App Store billing from iOS distribution.Stripe, with its iOS SDK and $1.4T in yearly payments volume, stands to benefit the most from $90B in App Store volume freed up by this ruling.

<ul><li>In June 2023, Bond was acquired by FIS.</li><li>Bond provides the technological infrastructure that enables companies to offer financial services without becoming banks themselves.</li><li>Following acquisition by FIS, Bond became part of the Atelio platform, strengthening its enterprise focus and positioning the combined entity to leverage FIS's established banking relationships and infrastructure.</li></ul>

In June 2023, Bond was acquired by FIS.Bond provides the technological infrastructure that enables companies to offer financial services without becoming banks themselves.Following acquisition by FIS, Bond became part of the Atelio platform, strengthening its enterprise focus and positioning the combined entity to leverage FIS's established banking relationships and infrastructure.

<ul><li>Tipalti, founded in 2010, has secured approximately $865 million through multiple funding rounds.</li><li>Tipalti's platform automates the entire accounts payable workflow.</li><li>Tipalti has already begun international expansion in Europe with an Electronic Money Institution license secured in 2023.</li></ul>

Tipalti, founded in 2010, has secured approximately $865 million through multiple funding rounds.Tipalti's platform automates the entire accounts payable workflow.Tipalti has already begun international expansion in Europe with an Electronic Money Institution license secured in 2023.

United States

Stripe, Inc. provides payment software services and solutions. The Company designs and produces software to process online credit and debit card payments. Stripe serves customers worldwide.

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Stripe (0170016D US)

Primer: Primer - 25 May 2025

Automation platform for merchants to unify and optimize their payment stacks

Sacra

Andrew Rea, CEO Of Taxwire, On Why Enterprises Need More Than Stripe

Apple doesn't only provide distribution (saving on sales & marketing expenses) and payments but it also handles fraud, chargebacks, subscriptions,...

Sacra

Stripe Vs Apple

TL;DR: On April 30th, a federal judge barred Apple from impeding external payment links in iOS apps and prohibited charging commissions on...

Sacra

Primer: Bond - 16 Apr 2025

API-based software for embedding cards, accounts, and payments into vertical SaaS products

Sacra

Primer: Tipalti - 01 Apr 2025

Software for automating accounts payable and global supplier payments for enterprises

Sacra

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