Mesh, a San Francisco, CA-based modern embedded finance solution that makes digital asset transfers and account aggregation seamless, received an investment from PayPal Ventures.
The amount of the deal was not disclosed.
PayPal Ventures’ investment was made almost entirely in PayPal USD (PYUSD), an Ethereum-based stablecoin that is 100% backed by U.S. dollars, short-term U.S. treasuries and similar cash equivalents. This marks the first time that PYUSD has been used as the funding instrument for a PayPal Ventures investment since it was launched by PayPal in August 2023. The PYUSD funds were transferred on chain using Mesh’s Application Programming Interfaces (APIs).
The investment follows Mesh’s $22m Series A funding round, backed by new investors including Money Forward, Inc., Galaxy, and Samsung Next.
Led by Bam Azizi, Co-Founder and CEO, Mesh empowers businesses to integrate secure crypto transfers and payments directly into their existing platforms, eliminating the need for users to switch between platforms. Established in 2020 as an account aggregation platform, it now has over 300 integrations with different exchanges, wallets and brokerages.
FinSMEs
29/01/2024