Mesh Connect raises $75M, hits $1B valuation in crypto payments

Crypto payments startup Mesh Connect has raised $75 million in a Series C round, pushing its valuation to $1 billion. The round closed January 27, 2026, and brings total funding to more than $200 million since the company's founding in 2020.

Dragonfly Capital led the round. Participants included Paradigm, Coinbase Ventures, Moderne Ventures, SBI Investment, and Liberty City Ventures.

Mesh builds infrastructure that connects payments across wallets, exchanges, and chains. Users and merchants do not need to know which token or network sits underneath. The company does not operate its own token.

One concrete example of Mesh in action is PayPal's "Pay with Crypto" feature. Mesh's infrastructure underpins those transactions, connecting PayPal's user base to the broader crypto settlement layer.

This Series C follows a Series B closed in March 2025, when Mesh raised $82 million in a round also led by Paradigm. A significant portion of that raise was settled in PayPal USD, the PYUSD stablecoin.

Prior to the Series B, Mesh had raised between $120 million and $130 million in total, with backing from PayPal Ventures and Consensys among others.

Founders Bam Azizi and Adam Israel started the company in San Francisco in 2020.

Paradigm has backed Mesh across multiple rounds. Coinbase Ventures' participation is worth noting: Coinbase has its own payments ambitions. Backing a neutral infrastructure player rather than building exclusively in-house signals that the market is large enough for multiple approaches, according to people familiar with the company's strategy.

A meaningful portion of Mesh's visible use case runs through PayPal's infrastructure. The investor base, which includes Coinbase Ventures alongside PayPal Ventures, suggests Mesh is actively working to diversify those dependencies, the people said.

The company's focus on neutral infrastructure aligns with trends noted in crypto market analysis.