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PayPal Ventures invests in Mesh

Tuesday 30 January 2024 14:58 CET | News

PayPal Ventures, PayPal’s venture capital arm, has announced its investment in Embedded Finance solution for digital asset transfers Mesh.

As per the information detailed in the press release, the investment was completed leveraging PayPal USD, the company’s US dollar-denominated stablecoin. As an Embedded Finance solution, Mesh focuses on simplifying digital asset transfers and account aggregation and the current investment solidifies the company’s position. Furthermore, the announcement underlines PayPal’s commitment to fostering and increasing improvement in the digital payments landscape.

PayPal Ventures, PayPal’s venture capital arm, has announced its investment in Embedded Finance solution for digital asset transfers Mesh.

Mesh’s development strategy

The investment was made almost entirely in PayPal USD (PYUSD), an Ethereum-based stablecoin that is backed by US dollars, short-term US treasuries, and similar cash equivalents. PayPal’s current move is one of the first in which PYUSD was leveraged as the funding instrument for a PayPal Ventures investment since its launch in August 2023. The funds were transferred on-chain to the company by leveraging Mesh’s Application Programming Interfaces (APIs).

In addition to the current fund injection, Mesh raised USD 22 million in a Series A funding round in September 2023, with the round being led by Money Forwards and had participation from companies such as Galaxy, Samsung Next, Streamlined Ventures, SNR VC, Hike VC, Heitner Group, Valon Capital, Florida Funders, Altair Capital, Network VC, as well as several angel investors. At that time, the company planned to leverage the funding to develop tools for deposits, payments, and payouts, and to assist its go-to-market operations. Currently, Mesh allows businesses to integrate secure crypto transfers and payments directly into their existing platforms, removing the need for users to move between platforms. Launched in 2020 as an account aggregation platform, the company now has 300 integrations with various exchanges, wallets, and brokerages.

According to Mesh’s officials, the funding received from PayPal Ventures supports the company’s objective of becoming the connection layer between crypto platforms and financial service providers. Considering PayPal’s record of supporting the payments industry, the company assists in the expansion of Mesh, as well as the increase in the use of stablecoin. Representatives from PayPal Ventures highlighted that, as financial services undergo rapid evolution, the company credits that user ownership and portability of assets are set to become a considerable part of product development, with crypto serving a significant role in this expansion. The combination of Mesh’s commitment and its technology assists the company’s position and growth in this landscape. PayPal’s investment intends to increase Mesh’s development while also contributing to the advancement of Embedded Finance and native stablecoins.

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Keywords: stablecoin, cryptocurrency, crypto asset, digital assets, investment, funding, embedded finance
Categories: DeFi & Crypto & Web3
Companies: Mesh, PayPal, PayPal Ventures
Countries: World
This article is part of category

DeFi & Crypto & Web3

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