Crypto payments network Mesh raises $82M in Series B funding led by Paradigm

Consensys, QuantumLight Capital, Yolo Investments and others also participated in the round, bringing Mesh's total funding to date to $120 million. Additionally, Mesh noted that it settled most of its $82 million financing using PayPal USD (PYUSD), a USD-pegged stablecoin out of the payments firm PayPal.

Crypto payments network Mesh has raised $82 million in Series B funding led by the crypto venture firm Paradigm, the company announced Monday.

Consensys, QuantumLight Capital, Yolo Investments and others also participated in the round, which brings Mesh's total funding to date to $120 million.

Most of the $82 million was settled using PayPal USD (PYUSD), a USD-pegged stablecoin out of the payments firm PayPal.

Mesh is developing a web3 payments system that aims to streamline transactions between a user's crypto assets and a merchant's preferred settlement currency, without the user needing to swap assets in advance. For example, an individual can pay for something with bitcoin, ethereum or solana while the merchant receives the same value in PYUSD, USDC or another stablecoin.

"We're incredibly grateful to have the support of such prominent investors as Paradigm, Consensys, and QuantumLight Capital in this round," said Azizi. "With this funding, we're expanding the first truly global crypto payments network – one that allows users to pay with any crypto they hold while ensuring merchants can settle in the stablecoin of their choice, just like they do with fiat today."

Mesh's technology is designed to provide a seamless and efficient payment experience for both users and merchants. The platform's architecture is highly scalable and can handle large volumes of transactions.

"We're excited to continue our partnership with Mesh as they build the future of crypto payments," said Kevin Zhou, Managing Partner at Paradigm. "Their innovative technology and strong leadership team are driving real-world adoption of digital assets."

Earlier this year, Mesh announced a partnership with the crypto-friendly fintech firm Revolut to integrate its payment solutions. The partnership will enable Revolut users in the U.S. to make crypto payments at any merchant that accepts Visa or Mastercard in the country.

In addition, Mesh has partnered with the U.S.-based payments firm Shift4 to enable seamless crypto payments for a wide range of merchants across various industries.

Mesh's mission is to create a more inclusive and accessible financial system where anyone can pay and get paid with the methods of their choice. The company's vision is to power a world where money moves freely and effortlessly, connecting people and businesses in meaningful ways.

"At Consensys, we're focused on investing in technologies that are driving the adoption of Web3 and delivering value to users today," said Mayra Galván, Chief Operating Officer at Consensys. "Mesh is a company that embodies both of these priorities, and we're thrilled to continue supporting their journey."

Mesh is rapidly expanding its operations and partnerships to introduce its crypto payments solutions to new markets and merchants worldwide. The company is also investing in research and development to create new and innovative payment products and services.