Last Mesh valuation
$1B
Series C · Jan 2026
Last Mesh funding round
$75M
Series C · Jan 2026
Cumulative funding Mesh raised
$200M
across 8 funding rounds
Key investors in Mesh
Alumni Ventures
Plug and Play
B Capital
Paradigm
WndrCo
Sahin Boydas
About Mesh
Mesh is a global payment network for cryptocurrencies founded in 2020. It interconnects exchanges, wallets, and payment providers to facilitate seamless digital asset transactions and conversions in a unified ecosystem.
Founded
2020
HQ
San Francisco, CAWebsite
Status
Privately held
Customer focus
B2B
Revenue model
Commission
Valuation
$1B (Jan 2026)
Mesh Valuation
Mesh is currently valued at $1B, based on its Series C in January 2026. Read the announcement ↗
The $75M round was led by Dragonfly, with participation from Coinbase Ventures, Liberty City Ventures, Gate Ventures, SBI Investment, Moderne Ventures and 1 other investor.
Mesh's valuation has grown 125x from $8M at its seed round in January 2023 to $1B in January 2026, across 3 priced rounds.
Mesh valuation by funding round
| Date | Stage | Valuation |
|---|---|---|
| Jan 2026 | Series C | $1B |
| Mar 2025 | Series B | $500M |
| Jan 2023 | Seed | $8M |
Mesh Funding History
Mesh has raised a total of $200M across 8 funding rounds.
Mesh's first fundraising round was a $5M seed round in November 2021. The most recent completed round was a $75M Series C in January 2026.
Mesh funding rounds
| Date | Stage | Investors | Raised | Valuation | Deal Summary |
|---|---|---|---|---|---|
| Jan 2026 | Series C | Dragonfly (lead); Coinbase Ventures; Liberty City Ventures; Gate Ventures; SBI Investment; Moderne Ventures; Paradigm | $75M | $1B | Mesh announced a USD 75 million Series C financing led by Dragonfly Capital in January 2026, valuing the company at USD 1 billion. Paradigm, Moderne Ventures, Coinbase Ventures, SBI Investment and Liberty City Ventures participated, and Gate Ventures announced its investment the following week. The financing brought total capital raised above USD 200 million. Mesh develops a connectivity layer for cryptocurrency payments, linking exchanges, wallets and financial platforms through a single integration. Its services support payments, deposits, transfers and stablecoin settlement across providers. Founded in 2020, the company planned to extend its global payment infrastructure as digital assets became more widely used for transactions. |
| Aug 2025 | Undisclosed stage | Kingsway Capital | - | - | Mesh raised additional equity from PayPal Ventures, Coinbase Ventures, Uphold, Bybit's Mirana Ventures, SBI, Overlook Ventures, Kingsway Capital, Moderne Ventures and CE-Ventures, taking its total funding past USD 130 million. The company declined to disclose the size or series classification of the round, saying only that it exceeded USD 10 million. It followed the USD 82 million Series B led by Paradigm in March 2025 and funded expansion of Mesh's stablecoin settlement network. |
| Mar 2025 | Series B | Paradigm (lead); Yolo Investments; Evolution VC; Hike Ventures; AltaIR Capital; Opportuna; ConsenSys; QuantumLight | $82M | $500M | Mesh is a San Francisco-based crypto payments network founded in 2020 that connects exchanges, wallets, and financial services platforms to enable seamless crypto payments, conversions, and deposits. It powers transactions across 300+ wallets, exchanges, and platforms, reaching over 400 million users in more than 100 countries, with key partnerships including MetaMask, Shift4, and Revolut. Mesh's proprietary SmartFunding technology automates conversions from assets like Bitcoin, Ethereum, or Solana into stablecoins such as PYUSD, USDC, or USDT for merchant settlements. On March 11, 2025, Mesh closed an $82 million Series B funding round led by Paradigm, with participation from ConsenSys, QuantumLight Capital, Yolo Investments, and others including AltaIR Capital, Evolution VC, Hike Ventures, and Opportuna. The round valued the company at $500 million post-money and brought total funding to over $120 million, following prior investments from PayPal Ventures, Galaxy Ventures, and MoneyForward. Notably, the investment was largely settled using PayPal USD (PYUSD) stablecoin, facilitated by Mesh's own technology, marking a historic precedent for stablecoin-based funding. The funds are earmarked for accelerating product development, expanding APIs, scaling infrastructure, forging new merchant and PSP integrations, and deepening exchange and wallet connections to position Mesh as the backbone of a stablecoin-dominated global payments ecosystem. Stablecoins, with a $200 billion market cap and $27.6 trillion in 2024 transaction volume, are seen as a transformative force in the $17 trillion online payments market projected by 2027. CEO Bam Azizi emphasized Mesh's role in making crypto payments as simple as credit cards while preserving blockchain benefits. |
| Jan 2024 | Series A | Sahin Boydas | $7M | - | - |
| Sep 2023 | Series A | Money Forward (lead) | $22M | - | Mesh, previously known as Front Finance and founded in 2020, is a financial operating system that enables seamless digital asset transfers, account aggregation, and embedded finance solutions, bridging digital and traditional financial assets for businesses and consumers. The company pivoted to a corporate-focused platform within the last year before the funding announcement, securing partnerships with over 70 firms in finance and digital assets and integrations across 300+ platforms. Mesh positions itself at the forefront of open finance, targeting a projected $7 trillion embedded finance market by providing secure transaction capabilities and user control over assets. On September 21, 2023, Mesh raised $22 million in a Series A funding round led by Money Forward Inc., with participation from new investors including Galaxy, Samsung Next, and existing backers such as Streamlined Ventures, SNR.VC, Hike VC, Heitner Group, Arash Ferdowsi (Dropbox co-founder), Valon Capital, Matt Ocko (DCVC), Florida Funders, Altair Capital, Network VC, and Gokul Rajaram. This round brought Mesh's total funding to over $32 million. The funds are earmarked for accelerating adoption of Mesh's solutions, ramping up core operations, global marketing to companies and consumers, and enhancing transactional features like deposits, payments, and payouts to support go-to-market efforts. Money Forward's Sandy Kimura praised Mesh's product-market fit, experienced team, and leadership in open finance evolution. CEO Bam Azizi emphasized consumer demand for asset control and Mesh's role in the embedded finance transformation. |
| Jan 2023 | Seed | Rembrandt Venture Partners (lead); Sahin Boydas; Network.VC; WndrCo; Alumni Ventures; Trajectory Ventures; Cindy Bi; Evolution Ventures; Mount Nebo Capital | $4M | $8M | Mesh raised a $4 million seed round in January 2023 led by Rembrandt Venture Partners, with participation from investors including Alumni Ventures, Cindy Bi, Evolution Ventures, Mount Nebo Capital, Network.VC, Sahin Boydas, Trajectory Ventures, and WndrCo. The funding supported initial development and scaling efforts. This seed round was part of Mesh's broader funding history, which includes a $4.5 million convertible note in November 2021, a $22 million Series A in September 2023 led by Money Forward, and later rounds such as an $82 million Series B in March 2025 led by Paradigm. Mesh has raised a total of $124.5 million across multiple rounds as of April 2025. |
| Jun 2022 | Seed | Streamlined (lead); CapitalX; Plug and Play; Jeffrey Katzenberg; Will Smith; WndrCo; Rembrandt Venture Partners; Alumni Ventures; B3 Capital; B Capital; Mora Financial | $6M | - | - |
| Nov 2021 | Seed | Plug and Play; Motivate Venture Capital; Will Smith; Kevin Mahaffey; Alumni Ventures; Gaingels; B Capital; Dreamers VC | $5M | - | - |
Who has invested in Mesh?
37 investors have backed Mesh across its funding rounds, including Alumni Ventures, Plug and Play, B Capital, Paradigm, WndrCo and Sahin Boydas.
Lead investors include Dragonfly, Paradigm, Money Forward, Rembrandt Venture Partners and Streamlined.
Mesh Investors
| Investor | HQ | Rounds | Role | First check |
|---|---|---|---|---|
| United States | 3 | Participant | Nov 2021 | |
| San Francisco, CA | 2 | Participant | Nov 2021 | |
| Philadelphia, PA | 2 | Participant | Nov 2021 | |
| San Francisco, CA | 2 | Participant | Jan 2023 | |
| Los Angeles, CA | 2 | Participant | Jun 2022 | |
| San Francisco, CA | 2 | Lead | Jun 2022 | |
| Los Angeles, CA | 2 | Participant | Nov 2021 | |
| San Francisco, CA | 2 | Lead | Mar 2025 | |
| San Francisco, CA | 1 | Participant | Jun 2022 | |
| Chicago, IL | 1 | Participant | Nov 2021 | |
![](data:image/svg+xml,<svg xmlns="http://www.w3.org/2000/svg" width="20" height="20" viewBox="0 0 20 20"><rect fill="%23e5e7eb" width="20" height="20" rx="4"/></svg>){kind=small} Jeffrey Katzenberg | Boulder, CO | 1 | Participant | Jun 2022 |
 Tallinn | 1 | Participant | Mar 2025 | |
| San Francisco, CA | 1 | Lead | Jan 2026 | |
This data is available for Pro users. Sign up to see all 37 Mesh investors. Start Free Trial | ||||
Benchmark 350K+ Funding Rounds and Disclosed VC Valuation Multiples
Sign up to see data on 350K+ funding rounds and disclosed revenue and EBITDA valuation multiples, from seed, through growth stage, to pre-IPO.
Start Free TrialMesh Competitors
Mesh competitors include listed companies like Circle and Jiangsu Tongxingbao, and private ones like Opn, zerohash, Andalusia Labs and Axelar Network.
| Company | HQ | Status | Revenue | EBITDA | Valuation | Revenue Multiple |
|---|---|---|---|---|---|---|
 Tokyo | Private | - | - | $1B | - | |
| Chicago, IL | Private | - | - | $1B | - | |
| United States | Publicly listed | $2.7B | ($73M) | $22B | 6.8x | |
 Abu Dhabi | Private | - | - | $1B | - | |
 Waterloo | Private | - | - | $1B | - | |
 China | Publicly listed | $159M | $47M | $949M | - |
Mesh Public Comps
Mesh is still privately-owned, but its public comps include Jiangsu Tongxingbao, Optasia, Worldline, HashKey Holdings, Cuscal, Isracard, BitGo Holdings, OSL Group, Fawry and Indokripto Koin Semesta.
| Last FY | EV/Revenue | EV/EBITDA | ||||||
|---|---|---|---|---|---|---|---|---|
| Revenue | EBITDA | Last FY | LTM | 2027E | Last FY | LTM | 2027E | |
| $159M | $47M | 2.7x | - | 9.2x | - | |||
| $265M | $79M | 4.3x | 3.6x | 14.5x | 9.1x | |||
| $4.6B | ($5.2B) | 0.6x | 0.7x | (0.6x) | 3.8x | |||
| $92M | ($109M) | 6.4x | - | (5.4x) | - | |||
| $297M | $22M | 5.1x | 5.8x | 67.8x | 24.6x | |||
| $1.2B | $48M | 1.9x | - | 49.8x | - | |||
| $16B | ($9M) | 0.1x | 5.5x | (125.1x) | 125.4x | |||
| $62M | ($48M) | 16.6x | 11.3x | (21.7x) | (23.2x) | |||
This data is available for Pro users. Sign up to see all Mesh competitors and their valuation data. Start Free Trial | ||||||||
Common questions about Mesh
| When was Mesh founded? | Mesh was founded in 2020. |
| Where is Mesh headquartered? | Mesh is headquartered in San Francisco, CA, United States. |
| Is Mesh publicly listed? | No, Mesh is a private, VC-backed company. |
| What is Mesh's valuation? | Mesh was last valued at $1B in its Series C in January 2026. |
| How much funding has Mesh raised? | Mesh has raised $200M across 8 funding rounds. |
| What was Mesh's last funding round? | Mesh's last funding round was a $75M Series C in January 2026, led by Dragonfly. |
| Who are Mesh's investors? | Mesh's investors include Alumni Ventures, Plug and Play, Will Smith, Sahin Boydas, WndrCo, Rembrandt Venture Partners, B Capital, Paradigm, CapitalX, Motivate Venture Capital and 27 others. |
| Which companies are comparable to Mesh? | Companies comparable to Mesh include Opn, zerohash, Circle, Andalusia Labs, Axelar Network and Jiangsu Tongxingbao. |
See companies similar to Mesh
Start Your
Free Trial Today
Try Multiples for free for 3 days. Got questions or need a demo? Schedule a call with us below.