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 Swile generated $265M in 2025, up 20% YoY from $221M in 2024 and $176M in 2023.</li><li>Swile generated $17M in net income in 2025, up from $2M in 2024, and reached roughly $57M in implied EBITDA.</li><li>Swile acquired five companies with new products, such as gift vouchers and employee engagement tools, coming out of these acquisitions.</li></ul>

Sacra estimates that Swile generated $265M in 2025, up 20% YoY from $221M in 2024 and $176M in 2023.Swile generated $17M in net income in 2025, up from $2M in 2024, and reached roughly $57M in implied EBITDA.Swile acquired five companies with new products, such as gift vouchers and employee engagement tools, coming out of these acquisitions.

<ul><li>Sacra estimates that Plaid hit $546M in annual recurring revenue (ARR) in 2025, up 40% from $390M in 2024.</li><li>Plaid was most recently valued at $8 billion in a February 2026 employee share sale, an undisclosed-size liquidity transaction that allowed employees to sell stock and extended the company&#39;s runway as a private company.</li><li>Anti-fraud, alternative credit data, and bank payments more than doubled in 2025 and have become a meaningful second growth engine alongside the core connectivity business.</li></ul>

Sacra estimates that Plaid hit $546M in annual recurring revenue (ARR) in 2025, up 40% from $390M in 2024.Plaid was most recently valued at $8 billion in a February 2026 employee share sale, an undisclosed-size liquidity transaction that allowed employees to sell stock and extended the company&#39;s runway as a private company.Anti-fraud, alternative credit data, and bank payments more than doubled in 2025 and have become a meaningful second growth engine alongside the core connectivity business.

<ul><li>Payward Inc., the parent company of crypto exchange Kraken, agreed to acquire Reap Technologies Holdings Ltd. for up to $600 million in cash and Payward stock in May 2026.</li><li>Reap is a B2B financial infrastructure provider with a hybrid SaaS and transaction-based revenue model.</li><li>The March 2025 launch of Reap&#39;s card issuance and payment API stack shifts the company from a single-product issuer to a horizontal infrastructure provider.</li></ul>

Payward Inc., the parent company of crypto exchange Kraken, agreed to acquire Reap Technologies Holdings Ltd. for up to $600 million in cash and Payward stock in May 2026.Reap is a B2B financial infrastructure provider with a hybrid SaaS and transaction-based revenue model.The March 2025 launch of Reap&#39;s card issuance and payment API stack shifts the company from a single-product issuer to a horizontal infrastructure provider.

<ul><li>Sacra estimates that PostHog hit $57.5M in annual recurring revenue (ARR) in February 2026, up ~99% year-over-year and up from $53.1M at the end of 2025.</li><li>In October 2025, PostHog raised a $75M Series E at a $1.4B post-money valuation, led by Peak XV Partners with participation from existing investors.</li><li>PostHog found product-market fit as a developer-first analytics platform that dramatically reduced the time engineers spent setting up product analytics from weeks to a single day.</li></ul>

Sacra estimates that PostHog hit $57.5M in annual recurring revenue (ARR) in February 2026, up ~99% year-over-year and up from $53.1M at the end of 2025.In October 2025, PostHog raised a $75M Series E at a $1.4B post-money valuation, led by Peak XV Partners with participation from existing investors.PostHog found product-market fit as a developer-first analytics platform that dramatically reduced the time engineers spent setting up product analytics from weeks to a single day.

<ul><li>Sacra estimates that Imprint generated $70M in revenue in 2024, up 367% from $15M in 2023.</li><li>Imprint raised $150 million in a Series D round led by Khosla Ventures in December 2025, valuing the company at $1.2 billion and achieving unicorn status.</li><li>Imprint enables consumer brands to launch customized co-branded Visa and Mastercard credit card programs in as little as three months.</li></ul>

Sacra estimates that Imprint generated $70M in revenue in 2024, up 367% from $15M in 2023.Imprint raised $150 million in a Series D round led by Khosla Ventures in December 2025, valuing the company at $1.2 billion and achieving unicorn status.Imprint enables consumer brands to launch customized co-branded Visa and Mastercard credit card programs in as little as three months.

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: Swile - 09 Jul 2026

Smart card and app for managing employee meal, gift, and travel benefits

Sacra

Primer: Plaid - 02 Jul 2026

API platform that connects applications to users' bank accounts and financial data to enable payments, identity, underwriting, and fraud/risk products

Sacra

Primer: Reap - 10 May 2026

Financial platform providing corporate credit cards, cross-border payments, and expense management tools for businesses

Sacra

Primer: PostHog - 06 Apr 2026

All-in-one analytics tool for devs with event tracking, A/B testing, and session replay

Sacra

Primer: Imprint - 17 Feb 2026

Co-branded credit card platform for brands to offer customized rewards programs

Sacra

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