PayPal has utilized its stablecoin, PYUSD, to invest approximately $5 million in Mesh, an embedded finance startup focused on crypto payments. This marks the first investment by PayPal Ventures using PYUSD since the stablecoin’s launch last summer, with funds transferred on-chain via Mesh’s APIs.
The investment follows Mesh’s successful $22 million Series A funding round, which attracted new investors such as Money Forward, Galaxy, and Samsung Next. Mesh provides a solution for businesses to seamlessly integrate crypto transfers and payments into their existing platforms, removing the need for users to switch between different services.
Founded in 2020 as an account aggregation platform, Mesh has since developed over 300 integrations with various exchanges, wallets, and brokerages. CEO Bam Azizi expressed excitement about the partnership, stating, “We’re thrilled to have the backing of PayPal Ventures as we execute against our vision of becoming the connection layer for a critical mass of crypto platforms and financial service providers.”
For more information about payments, visit NextGen Nordics on April 23, 2024.