Why the Best Fintech Companies Are Staying Private With Sahej Suri, Founder of Blue Dot Investors

Sahej Suri is the founder of Blue Dot Investors, a late-stage growth equity firm that invests exclusively in fintech across both primaries and secondaries. Before Blue Dot, he built his career at J.P. Morgan, TPG, and as chief of staff to Nigel Morris at QED Investors. In this conversation, Sahej explains the scrappy origin story of the firm, the overlooked opportunity in fintech secondaries, and his new report with FT Partners on the coming fintech liquidity supercycle, including the finding that the top 100 private fintechs now out-earn the top 100 public ones.What We CoveredSahej's path from J.P. Morgan to TPG to QEDThe 2008 recession and why access to financial services stuck with himThe happenstance origin story of Blue DotWhy fintech is closer to biotech than to generalist techThe gap in the market for late-stage fintech specialistsWhy the top 10 names dominate secondary market activityFinding undervalued companies outside the marquee namesThe "Liquidity Supercycle" report with FT Partners and how it came togetherWhy the top 100 private fintechs out-earn the top 100 public onesThe state of the IPO window and the SpaceX bellwetherWhy the 2025 IPO cohort cleared a much higher barThe have versus have-nots dynamic in fintech fundraisingThe Blue Dot dinner series and building communityHis AI thesis and where the value creation will landA 10-year view on fintech as an asset classKey TakeawaysThe best fintech companies are now private, and on the top 100 they out-earn their public peers on revenue, a finding Sahej says had never been put on paper before.Fintech rewards specialists. Banking, payments, capital markets, and insurance are almost different worlds, and most investors who piled in during 2021 without that depth are no longer around.The IPO window is real but conditional. The 2025 cohort was roughly three times the size on revenue and more profitable than historical norms, and the near-term window hinges on how bellwether listings perform.Sahej's bet on AI value creation is not the startups or the large AI labs, but the scaled fintechs that already own distribution and customer trust.About Sahej SuriSahej Suri is the founder and Managing Partner of Blue Dot Investors, a New York-based late-stage growth equity firm investing exclusively in fintech across primaries and secondaries. He previously worked at J.P. Morgan in the financial institutions group, at TPG in growth equity and buyouts, and as chief of staff to Nigel Morris at QED Investors. Blue Dot came out of stealth in early 2026 and manages roughly $100M in assets, with a team of six and around 30 advisors. Peter is an advisor to Blue Dot Investors.Connect with Fintech One-on-One:Tweet me @PeterRentonConnect with me on LinkedInFind previous Fintech One-on-One episodes