PayPal Ventures and Coinbase Ventures have invested in Mesh, bringing the crypto payments network’s total funding to over $130 million.
The size of the latest funding round, following an $82 million raise in March, was not disclosed but is believed to be at least $10 million. PayPal and Coinbase were joined by other investors including Uphold, Mirana Ventures, SBI Investment, Overlook Ventures, Kingsway Capital, Moderne Ventures, and CE-Ventures.
Mesh enables businesses to integrate crypto transfers and payments directly into their existing platforms, eliminating the need for users to switch between different services. The technology was instrumental in launching PayPal’s “Pay with Crypto” service, which lets users pay with a variety of cryptocurrencies and eligible wallets.
Most of the new funding was settled using the PayPal USD stablecoin, with Mesh’s technology facilitating the instant transfer of the investment. The funds will be utilized to accelerate Mesh’s expansion in the global payments industry, enhance APIs, expand product development, and support numerous crypto and payments platforms.
Amman Bhasin, partner at PayPal Ventures, remarked, “As crypto goes mainstream, Mesh is building the infrastructure layer that allows enterprises to embed crypto payments, transfers, and commerce experiences directly into their applications. We’re deepening our commitment because Mesh has demonstrated the ability to deliver the security, compliance, and scalability that enterprises require.”