Modern integrated financial solution Mesh today announced an investment from PayPal Ventures.
PayPal Ventures’ investment was made almost entirely in PayPal USD (PYUSD), an Ethereum-based stablecoin backed 100% by US dollars, short-term US Treasuries and similar cash equivalents.
This marks the first time PYUSD has been used as a funding vehicle for a PayPal Ventures investment since it was floated by PayPal in August 2023. PYUSD funds were transferred on-chain using Mesh’s application programming interfaces (APIs).
The investment comes on the heels of Mesh’s $22 million Series A funding round, backed by new investors including Money Forward, Inc., Galaxy and Samsung Next.
Mesh enables businesses to integrate seamless and secure crypto transfers and payments directly into their existing platforms, eliminating the need for users to switch between platforms. Mesh was founded in 2020 as an account aggregation platform and now has over 300 integrations with different exchanges, wallets and brokerages.
“We are excited to have the support of PayPal Ventures as we deliver on our vision to become the connection layer for a critical mass of crypto platforms and financial service providers,” said Bam Azizi, Co-Founder and CEO of Mesh. “PayPal has an incredible track record of driving the payments industry forward, so it’s no surprise that they are at the forefront of stablecoin innovation and share our vision for the future of the industry.”
“As the world of financial services undergoes rapid transformation, we believe that user ownership and asset portability will be a critical building block of product innovation, with crypto serving as the first beach where this is possible,” said Amman Bhasin, Partner at PayPal. Businessmen. “Mesh’s commitment to these principles, combined with its innovative technology, make it a clear leader in this dynamic landscape. We are confident that this investment will fuel the growth of Mesh and significantly contribute to the advancement of integrated finance and native stablecoins.”