PayPal Ventures, Coinbase Ventures and others back crypto payments firm Mesh, pushing total funding over $130 million

Mesh, the crypto payments infrastructure firm behind PayPal's recent "Pay with Crypto" launch, has raised fresh capital from investors including PayPal Ventures, Coinbase Ventures, Uphold, ByBit, SBI Japan, Overlook Ventures, Kingsway Capital, Moderne Ventures, and CE-Ventures. The latest funding brings its total capital raised to more than $130 million.

The size of the new round remains undisclosed. It comes just five months after Mesh raised $82 million in a Series B round led by Paradigm in March, when the company reported its total funding at over $120 million. The latest round pushes that figure past $130 million, meaning it is worth at least $10 million. Mesh co-founder and CEO Bam Azizi declined to disclose to The Block the exact size, series classification, post-money valuation, or timeline of the new round.

As with its Series B funding round, much of the new funding round was settled in PayPal USD (PYUSD) stablecoin, utilizing Mesh's own technology for instant transfers.

Founded in 2020, Mesh helps enterprises embed crypto payments directly into their apps. Mesh says its proprietary "SmartFunding orchestration engine" eliminates the biggest friction in crypto payments, which is the mismatch problem where users want to pay with one asset, and merchants want to settle in a stable asset. Mesh says it enables consumers to pay with more than 100 cryptocurrencies from connected wallets and exchanges, while merchants receive instant settlement in stablecoins or fiat.

Mesh's infrastructure integrates with major exchanges like Coinbase, Binance, ByBit, and OKX, giving it reach to hundreds of millions of users. Recent developments include powering PayPal’s Pay with Crypto service and adding support for Ripple's RLUSD stablecoin. Mesh says the fresh capital will help it expand product development, scale APIs, and support hundreds of crypto and payments platforms.

"We are set to do for crypto payments what Visa and Mastercard did for card transactions — we're building the first truly global payments network," Azizi told The Block. "This is made possible by our SmartFunding technology, which is our primary competitive edge."

Azizi declined to share Mesh's business metrics, such as transaction volume or growth rates, and would not say whether investors hold or plan to take board seats. He also did not disclose headcount or hiring plans. Mesh has between 11 and 50 employees, according to its LinkedIn page.

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