Private Markets, Angel and Secondary Investing, Sacra

Sacra

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 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>In the late 2010s, investors were bullish on digital neobanks like Chime (US), Monzo (UK), and N26 (Germany) because of their rapid growth to millions of users and their structurally lower CAC vs. traditional banks (~$100 vs. $650-700).</li><li>During COVID, CACs went up across the industry as new neobanks proliferated, but when interest rates fell to 0%, it exposed that most of them were swimming naked, with only 5% being profitable.</li><li>As interest rates increased from 0% to ~5%, the outlook for the top neobanks has brightened, with accelerating revenue growth from deposits and lending (interest income was up 167% YoY at Monzo).</li></ul>

In the late 2010s, investors were bullish on digital neobanks like Chime (US), Monzo (UK), and N26 (Germany) because of their rapid growth to millions of users and their structurally lower CAC vs. traditional banks (~$100 vs. $650-700).During COVID, CACs went up across the industry as new neobanks proliferated, but when interest rates fell to 0%, it exposed that most of them were swimming naked, with only 5% being profitable.As interest rates increased from 0% to ~5%, the outlook for the top neobanks has brightened, with accelerating revenue growth from deposits and lending (interest income was up 167% YoY at Monzo).

N26

The Neobank Capital Cycle