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 Lead Bank generated $180M in 2024 revenue, up 24% YoY, with 68% of revenue from interest.</li><li>Lead Bank exposes its own API so partners can open FDIC-insured accounts, originate loans, push real-time payments (ACH, RTP, Fedwire), and issue debit or virtual cards directly through Lead Bank.</li><li>Lead Bank’s growth trajectory is indexed on its marquee fintech customers Affirm at $2.8B in revenue in 2024, up 46% year-over-year, and Revolut at $4B in revenue in 2024, up 72% year-over-year.</li></ul>

Sacra estimates Lead Bank generated $180M in 2024 revenue, up 24% YoY, with 68% of revenue from interest.Lead Bank exposes its own API so partners can open FDIC-insured accounts, originate loans, push real-time payments (ACH, RTP, Fedwire), and issue debit or virtual cards directly through Lead Bank.Lead Bank’s growth trajectory is indexed on its marquee fintech customers Affirm at $2.8B in revenue in 2024, up 46% year-over-year, and Revolut at $4B in revenue in 2024, up 72% year-over-year.

<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>Today, we’re increasingly seeing fintechs diversifying, moving towards alternate models of monetization like subscriptions, interest from deposits and lending, and tips.</li><li>The fintech industry is seeing a trend of consolidation, with larger platforms acquiring smaller fintechs to leverage established customer bases and cross-sell financial products.</li><li>Real-time payments (RTP) may not significantly threaten card networks for consumer-to-business transactions but could revolutionize disbursements and payroll processes.</li></ul>

Today, we’re increasingly seeing fintechs diversifying, moving towards alternate models of monetization like subscriptions, interest from deposits and lending, and tips.The fintech industry is seeing a trend of consolidation, with larger platforms acquiring smaller fintechs to leverage established customer bases and cross-sell financial products.Real-time payments (RTP) may not significantly threaten card networks for consumer-to-business transactions but could revolutionize disbursements and payroll processes.

<ul><li>Our platform gives our customers a high degree of customization and control so they can deliver a bespoke experience to their end customers.</li><li>Cards generally just work and transfer money in real time.</li><li>Flawless reconciliation, within 12 hours for example, is really important because it's part of your business.</li></ul>

Our platform gives our customers a high degree of customization and control so they can deliver a bespoke experience to their end customers.Cards generally just work and transfer money in real time.Flawless reconciliation, within 12 hours for example, is really important because it's part of your business.

Bo Jiang, CEO Of Lithic, On The Power Of The Cards As A Digital Payment Rail

United States

API-based banking software for fintechs and brands to issue cards and manage accounts

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Lead Bank Vs Column

TL;DR: While Brex and Mercury migrated to Column, Lead Bank has emerged as the lending-centric alternative to middleware BaaS—now powering Affirm’s...

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

The Future Of Interchange

Early fintechs like Chime scaled to $100M+ with nearly all their revenue coming from interchange—the fee they generate every time their customers...

Sacra

Bo Jiang, CEO Of Lithic, On The Power Of The Cards As A Digital Payment Rail

Are there specific developer use cases that only Lithic can support and why...

Sacra

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

Lead Bank Vs Column

TL;DR: While Brex and Mercury migrated to Column, Lead Bank has emerged as the lending-centric alternative to middleware BaaS—now powering Affirm’s...

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

The Future Of Interchange

​​Early fintechs like Chime scaled to $100M+ with nearly all their revenue coming from interchange—the fee they generate every time their customers...

Sacra

Bo Jiang, CEO Of Lithic, On The Power Of The Cards As A Digital Payment Rail

Are there specific developer use cases that only Lithic can support and why...

Sacra

Early fintechs like Chime scaled to $100M+ with nearly all their revenue coming from interchange—the fee they generate every time their customers...