Crypto payments network Mesh is reporting a Series B funding round of $82 million. The company states that it has raised $120 million to date. As a novelty, the funding was managed using PayPal USD (PYUSD).
The funding was led by Paradigm, with participation from Consensys (parent company of MetaMask), QuantumLight Capital (founded by Revolut Founder & CEO Nik Storonsky), Yolo Investments, and others. Mesh noted that it has previously raised from big names including PayPal Ventures, Galaxy Ventures, and MoneyForward.
The funding arrives in an environment that is considerably more friendly towards digital assets. The past four years of the Biden Administration seeking to undermine crypto has been reversed as the Trump Administration takes over.
Stablecoins, effectively new payment rails, are poised to alter the payment paradigm, providing faster, more secure, and less expensive transactions.
Mesh reports it has already partnered with platforms like MetaMask, Shift4, and Revolut, serving over 400 million users in over 100 countries.
Bam Azizi, CEO and co-founder of Mesh, says the funding will enable them to create the first truly global crypto payments network,
Mesh’s solution allows users to pay with an asset like Bitcoin, Ethereum, or Solana while merchants automatically receive the transaction amount in stablecoins such as PYUSD, UST, or USDC.