Mesh, a crypto payments network, has successfully raised $82 million in a Series B funding round. This capital injection is earmarked for accelerating product development and broadening the reach of its application programming interfaces (APIs).
Mesh’s technology already serves over 400 million users across more than 100 countries through strategic alliances with industry leaders such as MetaMask, Shift4, and Revolut, as stated in a Tuesday, March 11th press release.
“With this funding, we’re expanding the first truly global crypto payments network — one that allows users to pay with any crypto they hold while ensuring merchants can settle in the stablecoin of their choice, just like they do with fiat today,” stated Bam Azizi, CEO and Co-founder of Mesh.
Mesh’s payment solution is powered by its proprietary SmartFunding technology. This innovative technology removes the complexities between a user’s assets and a merchant’s settlement needs, allowing users to pay with cryptocurrencies seamlessly, without the need for manual asset conversion.
The most recent funding round was spearheaded by Paradigm. Charlie Noyes, a General Partner at Paradigm, commented, “We think crypto and stablecoins will be an enormous transformation to payments. Mesh makes paying with crypto as simple as using a credit card for users and merchants while preserving the benefits of transacting over blockchain rails.”
Mesh had previously secured $22 million in a Series A funding round in September 2023, aiming to extend its reach into new markets and strengthen its embedded finance platform.
In January 2024, Mesh disclosed an investment from PayPal Ventures, a significant portion of which was facilitated through PayPal USD, the company’s in-house stablecoin. Amman Bhasin, a partner at PayPal Ventures, praised Mesh’s pioneering technology, positioning it as “a clear leader in this dynamic landscape” in a press release at the time.
According to the Tuesday press release, a majority of the $82 million investment in the current funding round was transacted using PayPal USD. “PYUSD was leveraged to close funding instantly and Mesh’s technology was used to transfer the assets securely,” the release stated. “The benefits of using stablecoins for VC funding are that it’s instant, cheap, transparent and available 24/7.”
