Mesh joins crypto unicorn ranks with Series C

Mesh has raised $75 million in a Series C funding round led by Dragonfly Capital, valuing the crypto payments firm at $1 billion and lifting its total funding above $200 million.

The round included backing from Paradigm, Moderne Ventures, SBI Investment, Coinbase Ventures and Liberty City Ventures, the company said on Tuesday.

“Payments are entering a new era where value moves as software,”

Said Dragonfly general partner Rob Hadick, adding that Mesh is building interoperability that allows consumers to spend any digital asset while merchants settle in fiat or stablecoins.

Mesh said part of the funding was settled using stablecoins and will be used to expand its payments network across Latin America, Asia and Europe while accelerating product development.

Founded in 2020, the San Francisco-based company operates infrastructure connecting exchanges, wallets and financial platforms, enabling crypto-to-fiat or stablecoin settlement for merchants.

Mesh recently expanded into India, citing the country’s tech-savvy population and more than $125 billion in annual remittances as key drivers.

The funding comes amid a surge of investment in stablecoin infrastructure following the passage of the GENIUS Act, as the stablecoin market has grown to more than $308 billion, according to DeFiLlama data.