PayPal Ventures Backed Mesh Gets More Funding for Global Crypto Payments Network

Mesh secured additional investments to accelerate the growth of its global cryptocurrency payments network.

The new funding brings the company’s total capital funding to more than $130 million, according to a Thursday (Aug. 14) press release.

“Mesh is uniquely positioned to enable broad usability by streamlining access to wallets and exchanges and orchestrating real-time asset conversion to stablecoins, powering payments, funding and settlement with zero operational friction,” Mesh CEO and co-founder Bam Azizi said in the release. “We’re building a bridge between users and merchants with a payments experience that people actually want, creating a world where anyone can pay with any asset, anytime.”

One of the company’s investors is PayPal Ventures, according to the release.

PayPal’s Pay with Crypto service, which allows consumers to pay with cryptocurrencies and wallets, is supported by Mesh’s SmartFunding orchestration engine, which enables users to pay with any digital asset while merchants receive instant settlement in stablecoins or fiat, the release said.

Mesh’s technology has integrations across Coinbase, Binance, Bybit, OKX and more, and reaches hundreds of millions of users, per the release.

PayPal Ventures Partner Amman Bhasin said in the release that “Mesh has shown they can deliver the security, compliance and scalability that enterprises demand.”

“As crypto goes mainstream, Mesh is building the infrastructure layer that enables enterprises to embed crypto payments, transfers and commerce experiences directly into their apps,” Bhasin said.

Mesh raised $82 million in a Series B funding round in March, saying it aimed to accelerate product development and expand its APIs.

The company raised $22 million in a Series A funding round in September 2023 and said it planned to expand into new markets and bolster its embedded finance platform.

When Mesh received an investment from PayPal Ventures in January 2024, it said the funding was made almost entirely with PayPal’s in-house stablecoin, PayPal USD (PYUSD).

In its Thursday press release, Mesh said most of the funds from the latest investments were settled with PYUSD and transferred with Mesh’s technology, “proving firsthand the power and security of stablecoins for global transactions.”