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 Wealthfront grew revenue to $184M in 2023, up 117% from $91M in 2022.</li><li>In September 2025, Wealthfront filed publicly for an IPO, disclosing plans to list on Nasdaq under WLTH with an offering led by Goldman Sachs and JPMorgan.</li><li>Today, Wealthfront manages over $60B in assets for more than 800,000 clients.</li></ul>

Sacra estimates that Wealthfront grew revenue to $184M in 2023, up 117% from $91M in 2022.In September 2025, Wealthfront filed publicly for an IPO, disclosing plans to list on Nasdaq under WLTH with an offering led by Goldman Sachs and JPMorgan.Today, Wealthfront manages over $60B in assets for more than 800,000 clients.

<ul><li>Sacra estimates that Betterment hit $215M in revenue in 2024, up 41% year-over-year from $153M in 2023.</li><li>Betterment's AUM continued growing through 2025 and into 2026, reaching $55B+ by February 2025, $65B+ by November 2025, and $70B+ by August 2026.</li><li>Betterment acquired Ellevest's automated investing business in February 2025, transferring approximately $1.1B in AUM from ~70,000 clients in mid-April 2025.</li></ul>

Sacra estimates that Betterment hit $215M in revenue in 2024, up 41% year-over-year from $153M in 2023.Betterment's AUM continued growing through 2025 and into 2026, reaching $55B+ by February 2025, $65B+ by November 2025, and $70B+ by August 2026.Betterment acquired Ellevest's automated investing business in February 2025, transferring approximately $1.1B in AUM from ~70,000 clients in mid-April 2025.

<ul><li>Sacra estimates Revolut hit $4.0B in revenue in 2024, up 75% YoY from $2.3B in 2023, with its Wealth unit (crypto and stocks) growing 298% YoY to $647M.</li><li>Founded in 2015 as a travel-focused FX card that undercut banks' 3-5% foreign exchange spreads with zero-fee interbank rates, Revolut expanded beyond its "must-pack travel accessory" positioning into P2P payments (2015), cryptocurrency trading (2017), stock trading (2019), and now UK banking (licence granted July 2024)—transforming from a single-purpose prepaid card into Europe's largest neobank.</li><li>Capitalizing on the crypto bull market where Bitcoin tripled and retail trading volumes surged across Europe, Sacra estimates that Revolut hit $4.0B in revenue in 2024, up 75% YoY from $2.3B in 2023, with Revolut Wealth (crypto and stock investing) as the fastest growing unit of business at $647M of revenue, up 298% YoY, valued at $45B for a 11.25x revenue multiple.</li></ul>

Sacra estimates Revolut hit $4.0B in revenue in 2024, up 75% YoY from $2.3B in 2023, with its Wealth unit (crypto and stocks) growing 298% YoY to $647M.Founded in 2015 as a travel-focused FX card that undercut banks' 3-5% foreign exchange spreads with zero-fee interbank rates, Revolut expanded beyond its "must-pack travel accessory" positioning into P2P payments (2015), cryptocurrency trading (2017), stock trading (2019), and now UK banking (licence granted July 2024)—transforming from a single-purpose prepaid card into Europe's largest neobank.Capitalizing on the crypto bull market where Bitcoin tripled and retail trading volumes surged across Europe, Sacra estimates that Revolut hit $4.0B in revenue in 2024, up 75% YoY from $2.3B in 2023, with Revolut Wealth (crypto and stock investing) as the fastest growing unit of business at $647M of revenue, up 298% YoY, valued at $45B for a 11.25x revenue multiple.

<ul><li>Kapital ( has seen product-market fit around their stablecoin treasury product that lets companies deposit money and hold it in Circle's USD-denominated stablecoin USDC, with "almost every company" using it to de-risk against the high volatility of local currencies like the Colombian peso.</li><li>As payment rails, Kapital uses USDC to settle international transfers for their customers fast (in minutes) and cheaply (~$0.0037 per transaction) vs. paying ~$50 to send a wire and 1-3% on currency exchange fees.</li><li>While incumbent banks move money slowly & expensively and monetize on each transaction, Kapital is aiming to be fast & cheap and drive volume through value-added products like Kapital Flex (buy-now-pay-later for B2B procurement) and engagement & retention for its core subscription SaaS platform.</li></ul>

Kapital ( has seen product-market fit around their stablecoin treasury product that lets companies deposit money and hold it in Circle's USD-denominated stablecoin USDC, with "almost every company" using it to de-risk against the high volatility of local currencies like the Colombian peso.As payment rails, Kapital uses USDC to settle international transfers for their customers fast (in minutes) and cheaply (~$0.0037 per transaction) vs. paying ~$50 to send a wire and 1-3% on currency exchange fees.While incumbent banks move money slowly & expensively and monetize on each transaction, Kapital is aiming to be fast & cheap and drive volume through value-added products like Kapital Flex (buy-now-pay-later for B2B procurement) and engagement & retention for its core subscription SaaS platform.

<ul><li>Betterment and Wealthfront survived the robo-advisor purge by building the biggest brands in the space.</li><li>Growth slowed to low double-digits for both Wealthfront and Betterment in 2021 and 2022 with the rise of meme investing via Robinhood.</li><li>As interest rates have climbed to 5.25-5.50%—the highest levels since 2001—Betterment and Wealthfront’s AUM growth has re-accelerated, growing 50% and 77% respectively.</li></ul>

Betterment and Wealthfront survived the robo-advisor purge by building the biggest brands in the space.Growth slowed to low double-digits for both Wealthfront and Betterment in 2021 and 2022 with the rise of meme investing via Robinhood.As interest rates have climbed to 5.25-5.50%—the highest levels since 2001—Betterment and Wealthfront’s AUM growth has re-accelerated, growing 50% and 77% respectively.

Wealthfront, Betterment, And The robo-advisor Resurrection

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Wealthfront (WEALTHFRONT US)

Primer: Wealthfront - 22 Dec 2025

Dashboard for automated investing and high-yield cash accounts for retail investors

Sacra

Primer: Betterment - 24 Aug 2026

Dashboard for automated investing and high-yield cash accounts for retail investors

Sacra

Revolut At $4B/year Growing 75% YoY

TL;DR: With the rise of mobile-first banking and crypto trading across Europe, Revolut has evolved from a zero-fee travel card into a financial...

Sacra

Stablecoin Diplomacy

TL;DR: As B2B neobanks in the U.S. raced to offer FDIC insurance and treasury products in the wake of SVB's collapse, a parallel trend has played...

Sacra

Wealthfront, Betterment, And The robo-advisor Resurrection

TL;DR: Betterment and Wealthfront survived the robo-advisor purge by building the biggest brands in the space—before the cost of customer...

Sacra

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