The new funding round marks the second time Mesh has received substantial backing from PayPal, with total investments secured over a dozen venture fundraising events now surpassing $130 million.
Crypto payments infrastructure startup Mesh has secured new funding from PayPal Ventures, Coinbase Ventures, and other investors, including Uphold, Mirana Ventures, SBI Investment, Overlook Ventures, Kingsway Capital, Moderne Ventures, and CE-Ventures.
Although the exact funding amounts aren’t officially disclosed, the fresh investment secured by Mesh is estimated to be at least $10 million, which, on top of the earlier $82M Series B and other smaller funding rounds, brings the crypto payment startup’s investments to $130 million.
A portion of the latest funding, just like Mesh’s Series B, was settled in PayPal USD (PYUSD) stablecoin, demonstrating Mesh’s instant on-chain crypto transfer technology.
Mesh is a crypto infrastructure company that acts as a connectivity layer between financial apps, exchanges, and wallets. It enables users to deposit, transfer, trade, and pay in over 100 cryptocurrencies and other digital assets. For financial services providers, Mesh offers APIs that make it easier to integrate multiple virtual currencies and asset types into their products.
Founded in 2020, Mesh not only develops embedded payments infrastructure, but also has a SmartFunding engine somewhat reminding payment routing platforms in traditional payment systems that addresses the “mismatch problem” by automatically converting payments between the asset customers choose and the one merchants prefer.
The network integrates with major exchanges such as Coinbase, Binance, ByBit, and OKX. It has also powered PayPal’s “Pay with Crypto” solution and added support for Ripple USD (RLUSD). RLUSD, pegged 1:1 to the U.S. dollar and backed by secure reserves, is now available on Mesh for deposits, transfers, and checkout payments.
Just a few months ago, Mesh introduced Apple Pay support for crypto transactions, converting crypto to stablecoins pegged to the value of traditional currencies at checkout, and bridging the gap between fiat and crypto payment infrastructures.
The new capital will be used to accelerate product development, expand APIs, and grow integrations across hundreds of crypto and payment platforms.
