$75M Series C Propels Mesh to Crypto Unicorn Status with Dragonfly at the Helm
Following its latest capital injection, the cryptocurrency payments firm is set to broaden its operational footprint throughout Europe, Asia and Latin America.
A crypto payments infrastructure firm based in San Francisco, Mesh has successfully secured $75 million through a Series C investment round spearheaded by Dragonfly Capital, pushing its cumulative funding beyond $200 million and establishing a company valuation of $1 billion.
According to Tuesday's official announcement, the funding round saw contributions from Paradigm, Moderne Ventures, SBI Investment, Coinbase Ventures and Liberty City Ventures.
The company disclosed that some of the capital raised was settled through stablecoin transactions instead of conventional banking infrastructure. The newly acquired funds will enable Mesh to broaden its crypto payments infrastructure throughout various territories, including Europe, Asia and Latin America, while also supporting ongoing product development initiatives.
The company has recently made its entry into India, pointing to the nation's substantial, technologically adept population and over $125 billion in yearly remittance flows as key motivators for this expansion.
Established in 2020, the firm manages an infrastructure network linking exchanges, digital wallets and financial services platforms, enabling consumers to make payments using one digital asset while enabling merchants to receive settlements in their preferred stablecoin or traditional currency. The company claims its partner integration ecosystem provides access to over 900 million users across the globe.
Rob Hadick, general partner at Dragonfly, said:
"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."
Stablecoin infrastructure gets funding
Following the approval of the GENIUS Act in the United States, there has been a corresponding surge in capital flowing toward stablecoin infrastructure ventures, as enterprises strategically position themselves to capitalize on the expanding adoption of dollar-pegged tokens for payment processing and international settlement operations.
Tempo, the blockchain initiative launched by Stripe, successfully completed a $500 million Series A investment round in October, with Greenoaks and Thrive Capital serving as lead investors, establishing a valuation of $5 billion for the layer-1 network.
This significant capital raise occurred fewer than two months following Stripe's public announcement of the blockchain project, which the payment processing giant has described as purpose-built infrastructure designed for stablecoins and large-scale, practical payment applications.
A provider of stablecoin infrastructure solutions based in the United States, Rain, successfully closed a $250 million Series C funding round with Iconiq serving as lead investor, establishing the company's valuation at $1.95 billion. This latest capital injection increased Rain's aggregate funding to $338 million, featuring continued support from prior backers such as Galaxy Digital, Sapphire Ventures, Dragonfly, Lightspeed, Norwest and Endeavor Catalyst.
VelaFi, another stablecoin infrastructure provider, obtained $20 million through a Series B investment round supported by XVC and Ikuyo, elevating its total capital raised to above $40 million.
Based on DeFiLlama data, the overall stablecoin market has expanded to $308.3 billion from $204.8 billion January 2025, marking an increase of approximately 51%.
