Mesh, a leading crypto payments network enabling seamless transactions with cheap and immediate conversions, announced it closed an $82 million Series B funding round, raising its total to over $120 million. The funding round was led by Paradigm, with participation from Consensys (parent company of MetaMask), QuantumLight Capital (started by Revolut Founder & CEO Nik Storonsky), Yolo Investments, and others. Mesh has previously raised funding from investors, including PayPal Ventures, Galaxy Ventures, and MoneyForward.
With payments and stablecoins widely seen as the largest catalysts for crypto’s mass adoption, the funds set the company up for sustained dominance in the industry’s most promising sector. In a historic moment for both venture funding and stablecoins, most of the $82 million of investments were settled with PayPal USD (PYUSD) stablecoin.
PYUSD was utilized to close funding instantly, and Mesh’s technology was used to transfer the assets securely. The benefits of using stablecoins for VC funding are that they’re instant, cheap, transparent, and available 24/7. The method of funding follows PayPal Ventures’ 2024 investment in Mesh, which was also completed largely in PYUSD.
Mesh has already partnered with major players like MetaMask, Shift4, and Revolut, making its technology available to over 400 million users in over 100 countries worldwide. Now, the company can further accelerate product development and the expansion of its APIs to power hundreds of crypto and payments platforms.
Mesh’s flagship payments solution is enabled by its proprietary SmartFunding technology, which eliminates friction between users’ assets and merchants’ settlement requirements. That means an asset like Bitcoin, Ethereum, or Solana can be used as a means of payment, while merchants automatically receive the transaction amount in stablecoins such as PYUSD, UST, or USDC, all without requiring the user to convert assets manually beforehand.
Mesh is on track to become an integral part of global payments as the industry moves toward a stablecoin-dominated ecosystem. Stablecoins already represent over a $200 billion market cap and will surpass $27.6 trillion in transaction volume in 2024.
KEY QUOTES:
“Stablecoins present the single biggest opportunity to disrupt the payments industry since the invention of credit and debit cards, and Mesh is now first in line to scale that vision across the world. 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.”
- Bam Azizi, CEO and Co-Founder of Mesh
“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.”
- Charlie Noyes, General Partner at Paradigm
