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>High customer acquisition costs combined with an adverse selection problem doomed Pipe’s direct-to-SMB model, with riskier businesses most likely to self-select into revenue-based financing, creating unsustainable unit economics.</li><li>With Square Banking & QuickBooks Capital veteran Luke Voiles taking over as CEO in 2023, Pipe has shifted to an embedded fintech model, selling capital, cards, and expense management as white-labeled products inside vertical SaaS platforms & marketplaces like Housecall Pro & Uber Eats—giving Pipe distribution into millions of merchants in return for sharing economics on loan & interchange revenue.</li><li>Attach of existing customers to embedded finance products drives the revenue opportunity, with the benchmark of achieving first-party attach rates of a vertically integrated model like Square’s by making the UI and experience feel deeply native to match owned-channel performance.</li></ul>

High customer acquisition costs combined with an adverse selection problem doomed Pipe’s direct-to-SMB model, with riskier businesses most likely to self-select into revenue-based financing, creating unsustainable unit economics.With Square Banking & QuickBooks Capital veteran Luke Voiles taking over as CEO in 2023, Pipe has shifted to an embedded fintech model, selling capital, cards, and expense management as white-labeled products inside vertical SaaS platforms & marketplaces like Housecall Pro & Uber Eats—giving Pipe distribution into millions of merchants in return for sharing economics on loan & interchange revenue.Attach of existing customers to embedded finance products drives the revenue opportunity, with the benchmark of achieving first-party attach rates of a vertically integrated model like Square’s by making the UI and experience feel deeply native to match owned-channel performance.

Amy Loh, CMO Of Pipe, On Pipe's Next Act As Embedded Fintech

New Zealand Professional Investment Services Firm, Forsyth Barr

Forsyth Barr

New Zealand Professional Investment Services Firm

We are proud to be a New Zealand owned firm, with 21 offices throughout the country and over 300 employees. We assist personal, institutional and corporate clients providing a full range of investment services.

Forsyth Barr is a foundation New Zealand Exchange firm (NZX) and accredited market participant. We have been confirmed by the Financial Markets Authority as a Qualifying Financial Entity (QFE).

Research is the cornerstone of our advice. We have one of New Zealand's leading teams of analysts. Our global affiliations ensure comprehensive research coverage of all major investment markets.

Equity Bottom-Up

Vista Group International / Equity Bottom-Up

<ul><li>September’s soft US box office data highlights the challenge of the film industry reaching VGL’s US$9.4bn estimate in FY25, with the +10% growth assumption now unlikely to be achieved given the current slate of upcoming films and the US economy.</li><li>VGL has called out a major contract that will be needed to meet FY25 expectations, and we have yet to receive notification of this signing.</li><li>We consider an announcement of the choice of a global payments supplier, or even a pilot programme, as imminent.</li></ul>

September’s soft US box office data highlights the challenge of the film industry reaching VGL’s US$9.4bn estimate in FY25, with the +10% growth assumption now unlikely to be achieved given the current slate of upcoming films and the US economy.VGL has called out a major contract that will be needed to meet FY25 expectations, and we have yet to receive notification of this signing.We consider an announcement of the choice of a global payments supplier, or even a pilot programme, as imminent.

Vista Group Box Office Data Fades as Payments Near Debut

<ul><li>Coinflow Labs closed a $25M Series A in October 2025 led by Pantera Capital.</li><li>Coinflow operates as a unified payment infrastructure that eliminates the complexity of managing separate card processors, crypto on-ramps, and off-ramps for Web3 companies.</li><li>Coinflow operates a B2B SaaS model serving Web3 companies that need to bridge traditional payments with cryptocurrency settlement.</li></ul>

Coinflow Labs closed a $25M Series A in October 2025 led by Pantera Capital.Coinflow operates as a unified payment infrastructure that eliminates the complexity of managing separate card processors, crypto on-ramps, and off-ramps for Web3 companies.Coinflow operates a B2B SaaS model serving Web3 companies that need to bridge traditional payments with cryptocurrency settlement.

<ul><li>WeTravel closed a $92 million Series C in September 2025 led by Sapphire Ventures.</li><li>WeTravel operates a hybrid vertical SaaS and embedded fintech model, combining subscription software with payment processing revenue.</li><li>WeTravel is leveraging its Series C funding to build AI agents that convert PDF itineraries into interactive bookings.</li></ul>

WeTravel closed a $92 million Series C in September 2025 led by Sapphire Ventures.WeTravel operates a hybrid vertical SaaS and embedded fintech model, combining subscription software with payment processing revenue.WeTravel is leveraging its Series C funding to build AI agents that convert PDF itineraries into interactive bookings.

<ul><li>Rising bot-driven fraud—powered by password breaches &amp; password reuse—leading to account takeovers, fake &amp; spam signups, and promo &amp; referral abuse, made passwordless a necessary feature of identity platforms like Stytch ($30M Series A, Thrive Capital), Clerk ($15M Series A, Madrona) and WorkOS ($15M Series A, Lachy Groom), but it didn’t lead to widespread rip-and-replace of authentication systems.</li><li>MCP connectors and AI agents are emerging as the next big inflection point in authentication, as they force every app developer to add an OAuth2-compliant identity server with role based access control for governing what agents can read + write—so they can integrate into and be positioned to ride the wave of AI adoption.</li><li>And while this shift to passwordless and fraud prevention was the catalyst for launching Stytch and a huge influx of VC funding across the industry at the time, it’s going to pale in comparison to agent identity.</li></ul>

Rising bot-driven fraud—powered by password breaches &amp; password reuse—leading to account takeovers, fake &amp; spam signups, and promo &amp; referral abuse, made passwordless a necessary feature of identity platforms like Stytch ($30M Series A, Thrive Capital), Clerk ($15M Series A, Madrona) and WorkOS ($15M Series A, Lachy Groom), but it didn’t lead to widespread rip-and-replace of authentication systems.MCP connectors and AI agents are emerging as the next big inflection point in authentication, as they force every app developer to add an OAuth2-compliant identity server with role based access control for governing what agents can read + write—so they can integrate into and be positioned to ride the wave of AI adoption.And while this shift to passwordless and fraud prevention was the catalyst for launching Stytch and a huge influx of VC funding across the industry at the time, it’s going to pale in comparison to agent identity.

Reed McGinley-Stempel, CEO Of Stytch, On Authentication For AI Agents

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)

Amy Loh, CMO Of Pipe, On Pipe's Next Act As Embedded Fintech

Can you describe the landscape of financing for small businesses? Our market map includes traditional lending, bank loans, venture debt, and...

Sacra

Vista Group Box Office Data Fades as Payments Near Debut

VGL has called out a major contract that will be needed to meet FY25 expectations, and we have yet to receive notification of this signing.

Forsyth Barr

Primer: Coinflow - 09 Oct 2025

Payment solution enabling Web3 companies to accept card payments and payout customers by converting cryptocurrency to USD

Sacra

Primer: WeTravel - 25 Sep 2025

Platform for travel businesses to digitize booking processes, manage payments, and streamline trip management

Sacra

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Amy Loh, CMO Of Pipe, On Pipe's Next Act As Embedded Fintech

Can you describe the landscape of financing for small businesses? Our market map includes traditional lending, bank loans, venture debt, and...

Sacra

Vista Group Box Office Data Fades as Payments Near Debut

VGL has called out a major contract that will be needed to meet FY25 expectations, and we have yet to receive notification of this signing.

Forsyth Barr

Primer: Coinflow - 09 Oct 2025

Payment solution enabling Web3 companies to accept card payments and payout customers by converting cryptocurrency to USD

Sacra

Primer: WeTravel - 25 Sep 2025

Platform for travel businesses to digitize booking processes, manage payments, and streamline trip management

Sacra

Reed McGinley-Stempel, CEO Of Stytch, On Authentication For AI Agents

What is Stytch in short and what inspired you to build it from your time at Plaid...

Sacra