Mesh, a leading provider of embedded finance solutions, has recently announced a strategic investment from PayPal Ventures.
The investment was primarily made using PayPal USD (PYUSD), PayPal’s U.S. dollar-denominated stablecoin, marking a milestone as the first instance of PYUSD being utilised as a funding instrument for a PayPal Ventures investment. This innovative approach to investment underscores the evolving landscape of digital finance, with PYUSD offering a stable and secure medium for transactions.
Mesh, established in 2020, is at the forefront of revolutionising the digital payments space. The company offers a comprehensive suite of services enabling seamless digital asset transfers, account aggregation, and crypto payments. With over 300 integrations across various exchanges, wallets, and brokerages, Mesh is dedicated to providing a connected, open, and secure financial ecosystem for businesses and consumers.
The recent investment from PayPal Ventures follows Mesh’s successful $22m Series A funding round, which saw participation from notable investors such as Money Forward, Inc., Galaxy, and Samsung Next. This continued financial backing is a testament to Mesh’s innovative approach and its potential to reshape the financial services landscape.
In light of the investment, Mesh Co-Founder and CEO Bam Azizi expressed enthusiasm about the partnership, highlighting PayPal’s influential role in the payments industry and shared vision for the future of finance. “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.
“PayPal has an incredible track record of moving the payments industry forward, so it’s no surprise they are at the forefront of stablecoin innovation and share our vision for the future of the industry.”
PayPal Ventures Partner Amman Bhasin also commented on the investment, emphasising the transformative potential of Mesh’s technology and its alignment with the future of financial services. Bhasin remarked, “As the world of financial services undergoes rapid transformation, we believe that user ownership and portability of assets will become a critical building block of product innovation, with crypto serving as the first beachhead where this is possible.
“Mesh’s commitment to these principles, coupled with its innovative technology, makes them a clear leader in this dynamic landscape. We are confident that this investment will fuel Mesh’s growth and contribute significantly to the advancement of embedded finance and native stablecoins.”
Keep up with all the latest FinTech news here.
Copyright © 2023 FinTech Global
