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

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 that Column generated $153.1M in revenue in 2025, up 219% year-over-year.</li><li>Column remains entirely founder- and employee-owned, with no external investors.</li><li>Column's upside case involves capturing a growing share of the $66B embedded finance market.</li></ul>

Sacra estimates that Column generated $153.1M in revenue in 2025, up 219% year-over-year.Column remains entirely founder- and employee-owned, with no external investors.Column's upside case involves capturing a growing share of the $66B embedded finance market.

<ul><li>Sacra estimates that Column generated $55.1M in revenue in 2024, up 126% year-over-year.</li><li>With no outside investors and a national charter funded by founder William Hockey’s secondary sales of Plaid stock, Column has the time optionality to grow its community-bank-cum-BaaS carefully—driving revenue for a small number of “blue chip” fintechs like Brex and Mercury.</li><li>Column now powers both Brex and Mercury—two of the biggest neobanks in the U.S.</li></ul>

Sacra estimates that Column generated $55.1M in revenue in 2024, up 126% year-over-year.With no outside investors and a national charter funded by founder William Hockey’s secondary sales of Plaid stock, Column has the time optionality to grow its community-bank-cum-BaaS carefully—driving revenue for a small number of “blue chip” fintechs like Brex and Mercury.Column now powers both Brex and Mercury—two of the biggest neobanks in the U.S.

<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>We looked for emerging market leaders that sold not just to the growing fintechs, but those that could sell to both and could crack the up-and-comers and the legacy incumbents.</li><li>Some of these waves are ongoing, while the B2B payments software wave and a few new ones are percolating, but that&#39;s how I would summarize them quickly.</li><li>Fraud, in financial services, is a big industry and it&#39;s only going to grow.</li></ul>

We looked for emerging market leaders that sold not just to the growing fintechs, but those that could sell to both and could crack the up-and-comers and the legacy incumbents.Some of these waves are ongoing, while the B2B payments software wave and a few new ones are percolating, but that&#39;s how I would summarize them quickly.Fraud, in financial services, is a big industry and it&#39;s only going to grow.

Charles Birnbaum, Partner At Bessemer Venture Partners, On The Five Waves Of Fintech

United States

Marketplace and API suite connecting fintechs with sponsor banks for compliant financial products

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Synctera (SYNCTERA US)

Primer: Cross River Bank - 10 Jul 2026

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

Sacra

Primer: Column - 16 Mar 2026

Developer infrastructure bank enabling builders to create new financial products and services

Sacra

$55M/year Mom & Pop BaaS

TL;DR: With regulators tightening the screws on middleware banking-as-a-service players, top fintechs like Brex and Mercury are migrating to...

Sacra

Primer: Bond - 16 Apr 2025

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

Sacra

Charles Birnbaum, Partner At Bessemer Venture Partners, On The Five Waves Of Fintech

Sacra interview with Charles Birnbaum, partner at Bessemer Venture Partners.

Sacra

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