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 Airwallex hit $1.5B in ARR in May 2026, up from $1.3B in April 2026 and $1.1B at the end of 2025.</li><li>Airwallex raised a new funding round in May 2026 at approximately $11B, led by Addition—about 50% above its $8B Series G valuation from six months earlier.</li><li>Airwallex is now repositioning as an embedded finance platform—60% of revenue now comes from its API and products like Payments for Platforms (Stripe Connect)—to get distribution into the highly saturated neobanking ecosystem in the West and its 100M+ SMBs.</li></ul>

Sacra estimates that Airwallex hit $1.5B in ARR in May 2026, up from $1.3B in April 2026 and $1.1B at the end of 2025.Airwallex raised a new funding round in May 2026 at approximately $11B, led by Addition—about 50% above its $8B Series G valuation from six months earlier.Airwallex is now repositioning as an embedded finance platform—60% of revenue now comes from its API and products like Payments for Platforms (Stripe Connect)—to get distribution into the highly saturated neobanking ecosystem in the West and its 100M+ SMBs.

Cross River Bank / Private Capital Markets

<ul><li>Sacra estimates that Cross River Bank generated $517M in 2025, up 6% YoY from $489M in 2024.</li><li>Cross River Bank raised $620 million in March 2022 in a funding round led by Andreessen Horowitz and Eldridge Industries, valuing the company at over $3 billion.</li><li>Cross River operates a comprehensive Banking-as-a-Service platform that allows fintech companies to offer regulated banking products without obtaining their own bank charter.</li></ul>

Sacra estimates that Cross River Bank generated $517M in 2025, up 6% YoY from $489M in 2024.Cross River Bank raised $620 million in March 2022 in a funding round led by Andreessen Horowitz and Eldridge Industries, valuing the company at over $3 billion.Cross River operates a comprehensive Banking-as-a-Service platform that allows fintech companies to offer regulated banking products without obtaining their own bank charter.

<ul><li>Sacra estimates Shiprocket hit $220M in annual recurring revenue (ARR) in 2025, growing 7% year-over-year from $205M in 2024.</li><li>Shiprocket achieved operational profitability on a cash basis in early FY25, with cash EBITDA burn reducing by 48% from Rs 191 crore in FY23 to Rs 100 crore in FY24.</li><li>Shiprocket has tailwinds from India&#39;s rapidly growing e-commerce market and the digitization of SMB merchants, with opportunities to expand into adjacent markets like embedded finance, cross-border commerce, and hyperlocal delivery infrastructure.</li></ul>

Sacra estimates Shiprocket hit $220M in annual recurring revenue (ARR) in 2025, growing 7% year-over-year from $205M in 2024.Shiprocket achieved operational profitability on a cash basis in early FY25, with cash EBITDA burn reducing by 48% from Rs 191 crore in FY23 to Rs 100 crore in FY24.Shiprocket has tailwinds from India&#39;s rapidly growing e-commerce market and the digitization of SMB merchants, with opportunities to expand into adjacent markets like embedded finance, cross-border commerce, and hyperlocal delivery infrastructure.

<ul><li>Klarna reported total revenue of $2.43B in the first nine months of 2025 ($903M in Q3, $823M in Q2, $701M in Q1), up 24% year-over-year.</li><li>In September 2025, Klarna completed its IPO on the New York Stock Exchange under ticker "KLAR," raising $1.4B at a $15B opening valuation.</li><li>Klarna's platform integrates with e-commerce websites, replacing traditional checkouts.</li></ul>

Klarna reported total revenue of $2.43B in the first nine months of 2025 ($903M in Q3, $823M in Q2, $701M in Q1), up 24% year-over-year.In September 2025, Klarna completed its IPO on the New York Stock Exchange under ticker "KLAR," raising $1.4B at a $15B opening valuation.Klarna's platform integrates with e-commerce websites, replacing traditional checkouts.

<ul><li>Sacra estimates that Varo generated $153.4M in gross revenue in 2025, down 1% YoY from $154.8M in 2024, as growth stalled after 2024&#39;s 20% jump from $129M in 2023.</li><li>Profitability has moved in the opposite direction of what the growth story would suggest: net losses narrowed sharply from $105.2M in 2023 to $65.0M in 2024, but widened back out to $91.8M in 2025.</li><li>Varo&#39;s total equity capital declined to approximately $54M in Q3 2025 while the company continued posting significant losses (nearly $65M in December 2024).</li></ul>

Sacra estimates that Varo generated $153.4M in gross revenue in 2025, down 1% YoY from $154.8M in 2024, as growth stalled after 2024&#39;s 20% jump from $129M in 2023.Profitability has moved in the opposite direction of what the growth story would suggest: net losses narrowed sharply from $105.2M in 2023 to $65.0M in 2024, but widened back out to $91.8M in 2025.Varo&#39;s total equity capital declined to approximately $54M in Q3 2025 while the company continued posting significant losses (nearly $65M in December 2024).

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.

Price Gauge
52-week Range	0.00 - 0.00
Market Cap (USDm)	0.00
P/E	0.00
Dividend (Yield)	0.00

Stripe (0170016D US)

Primer: Airwallex - 14 Jul 2026

Financial software for businesses to send, receive, and manage cross-border payments

Sacra

Primer: Cross River Bank - 10 Jul 2026

Banking infrastructure provider offering cards, payments, lending, and compliance via API for fintechs

Sacra

Primer: Shiprocket - 10 Jul 2026

Shipping and fulfillment software for Indian D2C brands and SMB ecommerce merchants

Sacra

Primer: Klarna - 10 Jul 2026

Checkout software offering interest-free installment payments to consumers and higher conversion for merchants

Sacra

Primer: Varo - 09 Jul 2026

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

Sacra

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)