Crypto payments network Mesh reaches unicorn status after $75 million Series C led by Dragonfly

Crypto payments network Mesh has raised $75 million in a Series C funding round that valued the company at $1 billion, as investors continue to pour capital into infrastructure designed to bring crypto payments into the financial mainstream.

The round was led by Dragonfly Capital, with participation from Paradigm, Moderne Ventures, Coinbase Ventures, SBI Investment, and Liberty City Ventures, Mesh disclosed Tuesday. The funding brings the company’s total capital raised to more than $200 million, following earlier rounds backed by firms including Paradigm and PayPal Ventures.

Founded in 2020, Mesh positions itself as a unified payments layer for crypto, aiming to connect wallets, blockchains, and assets that remain fragmented across today’s digital finance landscape. The company says its network already reaches more than 900 million users worldwide through integrations with exchanges, wallets, and financial services platforms.

According to a Tuesday announcement, the Series C funding will be used to expand Mesh’s footprint across Latin America, Asia, and Europe, and to accelerate product development. The company has previously highlighted India as a key growth market, citing its large remittance flows and young, digitally native population.

Mesh has also rolled out support for Ripple’s U.S. dollar stablecoin and announced partnerships with Paxos and Rain. Notably, a portion of the Series C round was settled directly in stablecoins. Mesh described this part of the deal as a demonstration of blockchain-native settlement at institutional scale, with auditability and controls comparable to traditional systems.

Mesh CEO Bam Azizi said the latest raise reflects a broader shift in the crypto market away from token issuance and toward core infrastructure. As crypto moves from experimentation to real-world use, the focus has turned to building networks that can bypass slow settlement times and high fees embedded in traditional payment rails, Azizi said.

“This funding validates that the winners of the next decade won’t be those who issue the most tokens, but those who build the network of networks that makes traditional card rails obsolete,” Azizi said in a statement.

Dragonfly general partner Rob Hadick said that Mesh’s focus on building an interoperability layer that allows consumers to spend any crypto asset in an “any-to-any” model that’s critical for broader adoption of crypto payments. “Payments are entering a new era where value moves as software,” Hadick said.

The raise follows Mesh’s $82 million Series B led by Paradigm in 2024 and a subsequent extension that brought in additional strategic investors, pushing total funding to over $130 million at the time.

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