Mesh, a San Francisco-based crypto payments network, has secured a US$82 million Series B funding round, bringing its total funding to over US$120 million.
The round was led by Paradigm, with participation from Consensys (parent company of MetaMask), QuantumLight Capital (founded by Revolut CEO Nik Storonsky), Yolo Investments, and others.
Mesh has previously received investment from PayPal Ventures, Galaxy Ventures, and MoneyForward.
In a significant development for venture funding and stablecoins, most of the US$82 million investment was settled using PayPal USD (PYUSD) stablecoin.
The use of PYUSD enabled instant and secure fund transfers via Mesh’s technology.
The key advantages of stablecoin-based funding include speed, lower costs, transparency, and 24/7 availability.
This follows PayPal Ventures’ 2024 investment in Mesh, which was also largely settled in PYUSD.
Mesh has partnered with major firms such as MetaMask, Shift4, and Revolut, extending its technology to over 400 million users in more than 100 countries.
The latest funding will support further product development and expansion of its APIs to enhance crypto and payments platforms.
“Stablecoins offer a major opportunity to transform the payments industry, similar to the impact of credit and debit cards,”
said Bam Azizi, CEO and Co-Founder of Mesh.
“This funding allows us to expand the first truly global crypto payments network, enabling users to pay with any cryptocurrency while ensuring merchants can settle in their preferred stablecoin, just as they do with fiat currencies.”
Mesh’s core payments solution is powered by its proprietary SmartFunding technology, which removes barriers between users’ assets and merchants’ settlement needs.
This allows payments using Bitcoin, Ethereum, or Solana while merchants automatically receive funds in stablecoins such as PYUSD, UST, or USDC without requiring users to convert assets manually.
“Crypto and stablecoins are set to transform payments,”
said Charlie Noyes, General Partner at Paradigm.
“Mesh simplifies crypto transactions for both users and merchants while retaining the advantages of blockchain-based payments.”
As stablecoins continue to gain prominence, with a market capitalisation exceeding US$200 billion and surpassing US$27.6 trillion in transaction volume in 2024, Mesh is positioned to play a key role in the global payments landscape.
Featured image credit: edited from freepik
