Payy Network, a New York City-based developer of a privacy-focused stablecoin blockchain and payments infrastructure, has raised $6 million in seed funding to expand its technology and accelerate the adoption of private on-chain transactions.
The funding round was led by FirstMark Capital, with participation from DBA Crypto and Robot Ventures. The company plans to use the capital to grow its team, deepen integrations with financial institutions and fintech platforms, and scale its go-to-market efforts.
Payy Network is building a blockchain-based payments system designed to keep transaction details private by default. Its infrastructure leverages zero-knowledge proofs and an Ethereum Layer 2 rollup to obscure sensitive data such as sender, receiver, transaction amounts, and asset types, while maintaining compliance and interoperability.
The company offers a vertically integrated stack that includes a self-custodial wallet, its proprietary network, and a Visa-enabled stablecoin card, allowing users to spend USDC while preserving transaction privacy. Payy launched its non-custodial Visa card in 2025 and has since scaled its consumer application globally.
According to the company, more than 100,000 users across over 100 countries are already using the Payy wallet, generating approximately $130 million in annualized transaction volume. Building on this traction, Payy is expanding its infrastructure beyond consumers to serve financial institutions, fintech platforms, and enterprises seeking to integrate private stablecoin payments.
The company was founded by Sid Gandhi and Calum Moore. As part of its roadmap, Payy has introduced its own Layer 2 network on Ethereum, with a private testnet currently live, aimed at enabling secure and private financial activity at scale.
