Companies · Crypto / Web3

Bluefin Topco, Llc

SAN FRANCISCO · Crypto / Web3 · refined from filed group “Other · https://www.bluefin.com/about/

Diligence memoA one-page analyst read on Bluefin Topco, Llc — recommendation, valuation, rhythm, risks.
$700.0M
Total raised · real
2
Rounds
1.2×
Latest step-up
Top 3%
Sector rank · raised
Series D+
Latest stage · inferred · Fri Sep 06 2019 00:00:00 GMT+0000 (Coordinated Universal Time)

Bluefin Topco, Llc has raised $700M over 2 rounds; too few niche peers to rank its valuation yet.

Synthesized from the figures below est. — every claim rests on a number shown on this page. Valuation uses the crypto/web3 sector profile.

Analyst read est. — computed against this company's niche peers in the same era. Inputs shown; not a quoted figure.

Dormant
  • Last raise 6.8 yr ago; this sector typically re-raises about every 7 months.
  • Silent for over 3× the sector's normal cadence.

Procedural diagnosis est. — rule-based common-sense checks over the filing pattern, issuer name, activity cadence, and surfaced operating evidence.

Issuer-vehicle patternmedium confidence

Bluefin Topco, Llc behaves more like a recurring private-offering issuer than a conventional venture-backed operating company.

Issuer structure
Company-like
No recurring-offering pattern strong enough to override normal financing interpretation.
Lifecycle
7.0 yr record
Peak capital year was 2019 with $700.0M across 2 filings.
Market position
ahead of 98% of Crypto / Web3 peers
Capital scale is ahead of 98% of Crypto / Web3 peers; modeled value is above 99% of peers by modeled value. Large capital with mid-pack modeled value can signal an issuer/program profile rather than operating-company growth.
Valuation reliability
Normal applicability
Stage/dilution valuation models are weakest when the issuer is broad-sector, recurring, or vehicle-like.
Operating evidence
Some evidence
No clear CEO/founder/principal role is surfaced, so operating-company confidence is lower.
Data quality
Consistent
Canonical totals and visible filing detail are broadly aligned.
What triggered this
  • Legal name looks like an issuer vehicle rather than a product company.
  • No clearly named CEO/founder/principal role in the public records surfaced here.
  • Capital program peaked in 2019: $700.0M across 2 filings.
  • Largest single filing was $385.0M on 2019-09-06.
How to read the page
  • Read this less like a startup funding journey and more like a capital-raising program.
  • Stage-based valuation and peer labels have lower applicability for this pattern.
  • The more important signal is lifecycle: repeated filings ended years ago, so current activity needs outside confirmation.
Leadership

No named principal in this company's public records yet — see all operators below.

Explore how these operators interlock with other companies in the operator network.

Where it sits in Crypto / Web3

Bluefin Topco, Llc is one of 196 Crypto / Web3 companies tracked from SAN FRANCISCO. By capital raised it ranks among the largest (ahead of 98% of sector peers), and among the largest by modeled valuation est..

Ranking is computed against this company's own sector cohort — reported capital is fact; valuation tiers are modeled.

AI analyst read est. — model-extracted from this company's public description, not a verified fact. 30%

operates a technology-led product inferred from public copy

Grounded in: “You are a venture analyst

Bluefin creates secure payment security technology for businesses around the world. Learn more about our innovative platforms and management team.

Bluefin creates secure payment security technology for businesses around the world. Learn more about our innovative platforms and management team. Bluefin protects sensitive data in motion across payment and digital ecosystems, combining PCI-validated P2PE, tokenization, and orchestration to help organizations reduce risk, simplify compliance, and scale securely. Founded in 2007, Bluefin set out to challenge a fundamental assumption: securing sensitive data shouldn’t come at the expense of performance or innovation. While most providers focused on building defenses to block threats, Bluefin took a different approach, developing technology to devalue sensitive data at the point of entry. Over time, that vision evolved beyond payment security into a broader data security infrastructure designed to protect sensitive data in motion across systems, platforms, and environments. By combining PCI-validated P2PE, vaultless tokenization, and orchestration, Bluefin established a new model for securing transactions from the inside out. Today, Bluefin supports more than 40,000 customers across 60 countries and 300+ integration partners, securing billions of transactions and data exchanges annua

crypto/web3
Find Bluefin Topco, Llc online

As reported in public records reported — not modeled.

US
Jurisdiction
Rule 506(b)
Reg D exemption
4
Investors (latest)
2015
Year incorporated
2019-09-06
First sale
Amount raised vs valuation, by round

Solid bars are reported offering amounts reported; hatched bars are the modeled post-money valuation est. — both on one shared scale so you can read raise-vs-worth at each round directly. Use the toggles to overlay data labels and the niche-peer / market average value lines.

Amount raised · realModeled valuation · estCumulative funded · real
$0$5.0B$10.0B$15.0B$20.0BSeries D+ · 2019-07-01 Raised $315M (real) Modeled valuation $12.0B (est)$315M$12.0BSeries D+2019Series D+ · 2019-09-06 Raised $385M (real) Modeled valuation $14.7B (est)$385M$14.7BSeries D+2019+$385MCumulative $700M

The line shows cumulative reported funding over the period; + labels show new capital added between points when there is room. Toggle on-bar figures, plus the niche-peer and market averages, to read this company against its cohort. Benchmarks are modeled medians.

Financing ladder & sequence gaps
Series D+$315.0M · 2019
Series D+ extension$385.0M · 2019

Stages are modeled from round size (public records carry no series label). No record for: Pre-Seed, Seed, Series A, Series B, Series C — the company may have raised it under a different exemption, merged it into an adjacent record, or skipped it. Sequence completeness: 17%.

Modeled valuation trajectory
$14.7B
Base estimate est.
$1.8B
Conservative case
$32.2B
Upside case
$3.2B
Modeled post-money

Round size and date are reported; the stage label is inferred from round size (latest is Series D+a $100M–$400M round). Valuation is modeled from stage benchmarks scaled by the crypto/web3 sector profile. Directional, not a quoted figure.

Series D+ · modeled $12.0B · 2019-07-012019Series D+ · modeled $14.7B · 2019-09-062019
Model inputs · modeled:benchmark-stage-stepup-v1
12%
Dilution assumption
Implied ownership sold in the financing.
70%
Survival probability
56% low · 77% high
1.37×/yr
Annual markup
1.53×/yr upside case
6.0 yr
Elapsed time used
6.8 yr actual, capped for stale marks
crypto/web3
Sector profile
Adjusts growth and survival by industry.
Financing rhythm
2 mo
Avg between rounds
Capital velocity
7.0 yr
On record since
2019
First round
2
Rounds on file
How it compares to the market

Benchmarked against 196 companies in Crypto / Web3. Each bar is a median (the middle company, not an average — outliers don't skew it). Two yardsticks: real money raised (reported on Form D) and modeled value (our estimate est.). These are whole-sector medians across all stages, except the per-stage row.

Total raised — vs sector median (real $, all stages) 200× above median
This company$700.0M
Sector median$3.5M
Latest round — vs other Series D+ rounds in sector (real $, this stage) 2.4× above median
This company$385.0M
Sector median$160.0M
Modeled value — vs sector median (estimate, all stages) 277× above median
This company$14.7B
Sector median$53.1M

Raised more than 98% of sector peers (real $). Modeled value above 99% of peers (estimate).

Full financing history

Stage is inferred from round size est., not reported on the filing — a round's dollar size maps to a bucket: Pre-Seed <$1.0M · Seed $1.0M–$4.0M · Series A $4.0M–$15M · Series B $15M–$40M · Series C $40M–$100M · Series D+ $100M–$400M · Growth/Late >$400M.

StageAmount · realAnnouncedPost-money · estValue · estConf.
Series D+$315.0M2019-07-01$2.6B$12.0B90%
Series D+$385.0M2019-09-06$3.2B$14.7B90%
What happened at each round

Step-up, pace versus the sector's normal cadence, and revenue/exemption moves — read straight from the reported round facts reported.

  1. Series D+$315.0M2019-07-01
    • First recorded raise — entered as Series D+.
    • 53 investors on this round.
  2. Series D+$385.0M2019-09-06
    • Came back fast: 2 mo vs the ~7 mo sector norm.
    • Round roughly the size of the prior one.
    • 4 investors on this round.
Intelligence
2019 ~Q4
Modeled next raise · ~2mo cadence
$470.6M
Modeled next size est.range $385.0M$752.9M
1.2×
Last step-up
Capital velocity

Predictive signals are modeled est. from this company's own cadence and step-up, plus sector benchmarks — directional, not advice. Peer set and a CSV export live in your analyst workspace.

Key people & operators

Officers, directors and promoters named in this company's public recordsreported — the people who run it (not its investors). "Also runs" counts come from name-matching across all records, so verify before acting.

PersonRoleAlso runsTied since
Brian N. Sheth31 other2019-07
MANEET S. SAROYA13 other2019-07
JEFFREY S WILSON1 other2019-07
NADEEM S. SYED1 other2019-07
ANDREW S. HORWITZ2019-07
BRANDON S. MEEKS2019-07
BRIAN S. BARTHELMES2019-07
CUSTODIO S. TOLEDO2019-09
KEVIN S. DUNN2019-07
KEVIN S. MACDONALD2019-07
MICHAEL S. DURIK2019-09
REINALDO S. ACOSTA2019-09
STEVEN S. WHITE2019-07
Registry & provenance

Bluefin Topco, Llc is an official record sourced from the U.S. Securities and Exchange Commission (SEC). U.S. data is aggregated from SEC Form D filings.

United States
Country of record
US
Jurisdiction
1782315
SEC CIK
2015
Incorporated
Similar companies

Nearest neighbours across the whole database — matched on sector, stage and capital scale, and on shared operators (officers or directors named at both companies in public filings). A discovery shortlist, not a valuation cohort — verify before acting, the same way modeled figures are directional.

CompanySectorStageRaised · realValue · estWhy similar
Payward, Inc.Crypto / Web3Series D+$703.3M$1.8Bsame sector · same stage
Dapper Labs Inc.Crypto / Web3Series D+$668.4M$106.7Msame sector · same stage
Cersei Topco, LlcOtherGrowth/Late$853.5M$15.2Bnetwork2 shared operators
Hoya Topco, LLCOtherGrowth/Late$502.1M$8.9Bnetwork2 shared operators
Millennium Park Topco, LLCOtherSeries D+$604.4M$4.4Bnetwork1 shared operator · same stage
Blockdaemon Inc.Crypto / Web3Series D+$412.4M$666.8Msame sector · same stage
Merritt Topco, Inc.OtherGrowth/Late$1.4B$20.7Mnetwork2 shared operators
Bellevue Topco, Inc.OtherGrowth/Late$1.4B$25.3Bnetwork2 shared operators
Semantically similar

Matched by meaning, not labels — a local language model reads each company's name, sector and description and ranks the closest in that learned space. This catches look-alikes that cross sector boundaries; the structured list above explains its matches, this one trusts the text. Directional, like every modeled signal here.

CompanySectorStageValue · estMatch
Circle International Bermuda Ltd
Circle helps businesses and developers harness the power of stablecoins for payments and internet commerce worldwide. Learn more today!
Crypto / Web3Growth/Late$14.4B73%
Blockdaemon Inc.
Trusted by 400+ institutions to launch, secure, and scale digital asset products across custody, tokenization, staking, payments, and settlement.
Crypto / Web3Series D+$666.8M73%
BlueCard Inc.Other TechnologyPre-Seed$21.2M72%
GoCardless
We’re building the world’s bank payment network.
Fintech72%
Bluevine Capital, Inc.Other TechnologySeries B$794.9M72%
Balance
The first digital payment experience company, built for B2B.
Fintech72%
Upflow
Cash collection tech for B2B businesses
Fintech72%
VaultPay
Digital banking platform for the 30 million smartphone users in DRC.
Fintech72%
Frequently asked
How much funding has Bluefin Topco, Llc raised?
Bluefin Topco, Llc has raised approximately $700.0M in disclosed capital across 2 recorded financing rounds, aggregated from public filings.
What is Bluefin Topco, Llc's estimated valuation?
Provath's modeled valuation for Bluefin Topco, Llc is approximately $14.7B (modeled range $1.8B–$32.2B). This is an algorithmic estimate derived from round sizes and same-niche peers — not a quoted or reported figure.
What funding stage is Bluefin Topco, Llc at?
Bluefin Topco, Llc's latest modeled financing stage is Series D+. Its most recent recorded round closed around Fri Sep 06.
What does Bluefin Topco, Llc do and where is it based?
Bluefin Topco, Llc operates in the Crypto / Web3 sector, based in SAN FRANCISCO. Bluefin creates secure payment security technology for businesses around the world. Learn more about our innovative platforms and management team.
Explore related

See where Bluefin Topco, Llc sits in the wider market — its sector, location and stage cohorts, each with their own leaderboards and capital-flow timelines.

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