Mesh Raises $75M Series C at $1B Valuation Led by Dragonfly Capital

What Does Mesh’s Series C Tell Us About Crypto Payments?

Mesh, a San Francisco–based crypto payments infrastructure company, has raised $75 million in a Series C funding round led by Dragonfly Capital, lifting its valuation to $1 billion and bringing total funding to more than $200 million. The round also included Paradigm, Moderne Ventures, SBI Investment, Coinbase Ventures, and Liberty City Ventures, according to a company announcement.

The raise adds to a growing wave of capital flowing into payment infrastructure tied to stablecoins and cross-border settlement. Mesh said part of the funding itself was settled using stablecoins rather than traditional banking rails, a detail that reflects how digital assets are increasingly used not just as products, but as funding and settlement tools inside the industry.

Founded in 2020, Mesh operates a network that links platforms, wallets, and financial platforms. The system allows consumers to pay with one digital asset while merchants receive settlement in either fiat currency or a stablecoin of their choice. The company says its integrations now reach more than 900 million users globally.

Investor Takeaway

Why Stablecoins Sit at the Center of the Story

Mesh’s funding comes as stablecoins gain ground as a preferred settlement asset for digital payments and remittances. Unlike volatile tokens, dollar-backed stablecoins allow merchants and platforms to handle crypto-native payments while limiting exposure to price swings.

The company said the new capital will support expansion across Latin America, Asia, and Europe, regions where cross-border payments, remittances, and fragmented banking access remain structural issues. Mesh recently entered India, pointing to the country’s tech-oriented user base and more than $125 billion in annual remittance flows as drivers for demand.

From a business perspective, Mesh’s model targets a persistent friction point: consumers often hold crypto across multiple wallets and platforms, while merchants prefer predictable settlement in fiat or stablecoins. By abstracting that complexity, the company is betting that crypto payments can move closer to everyday use without forcing merchants to directly.

Rob Hadick, general partner at Dragonfly, described the appeal of the model in the announcement:

“Payments are entering a new era where value moves as software. Mesh is building the interoperability layer that makes crypto practical at scale: consumers can spend any asset, merchants can settle instantly in the stablecoin or fiat they want, and the complexity stays under the hood.”

How Regulation and Policy Are Shaping Investment

The timing of Mesh’s raise also reflects a broader regulatory backdrop. The passage of the GENIUS Act in the United States has sharpened focus on by providing clearer guardrails for dollar-backed tokens. That clarity has been followed by larger funding rounds across the sector, as firms position themselves ahead of wider institutional and commercial use.

In recent months, multiple stablecoin-focused companies have secured substantial capital. Stripe’s blockchain project Tempo raised $500 million in a Series A round in October, valuing the network at $5 billion less than two months later than its public launch. Rain, a US-based , raised $250 million in a Series C round that valued the firm at $1.95 billion. VelaFi also closed a $20 million Series B round, bringing its total funding above $40 million.

These raises point to a shared view among investors: stablecoins are moving from experimental tools to settlement rails embedded in mainstream payment flows. Infrastructure firms, rather than consumer-facing apps, are capturing a growing share of that capital as the picks-and-shovels layer of the market.

Investor Takeaway

What the Numbers Say About Market Momentum

The scale of recent funding rounds tracks the rapid growth of the stablecoin market itself. Total stablecoin supply has climbed to $308.3 billion from $204.8 billion in January 2025, an increase of roughly 51%, based on data from DeFiLlama. That growth has been driven by higher onchain transaction volumes, remittance use cases, and growing interest from payment companies.

For Mesh, the challenge will be converting network reach into sustained transaction volume and revenue while operating across jurisdictions with diverse regulatory expectations. Expansion into regions such as Asia and Latin America brings access to high-demand corridors, but also exposes the company to local licensing, compliance, and currency controls.

Still, the Series C round places Mesh among a small group of crypto payments firms that have crossed the $1 billion valuation threshold at a time when funding remains selective. The deal suggests that while speculative segments of the crypto market remain uneven, infrastructure tied to stable, repeatable payment flows continues to attract backing.