Mesh secures $75M Series C led by Dragonfly, valued at $1B
Mesh, a San Francisco–based crypto payments infrastructure firm, has raised $75 million in a Series C round led by Dragonfly Capital, bringing total financing to more than $200 million and assigning the company a $1 billion valuation.
The round included Paradigm, Moderne Ventures, SBI Investment, Coinbase Ventures and Liberty City Ventures, according to a Tuesday announcement. Mesh said part of the proceeds was settled in stablecoins rather than via traditional banking rails.
The company plans to use the capital to broaden its crypto payments network in Latin America, Asia and Europe and to advance product development. Mesh also recently entered the Indian market, citing the country’s large, tech-savvy population and more than $125 billion in annual remittance flows as key drivers.
ZFounded in 2020, Mesh operates a network connecting exchanges, wallets and financial services platforms. Its infrastructure enables consumers to pay with a digital asset while merchants receive settlement in a stablecoin or fiat currency. Through partner integrations, Mesh reports access to more than 900 million users globally thanks to advertisements on various platforms.
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 funding accelerates
The passage of the GENIUS Act in the United States has coincided with increased investment in stablecoin-focused infrastructure as companies prepare for broader adoption of dollar-backed tokens in payments and cross-border settlement.
In October, Stripe’s blockchain initiative, Tempo, raised $500 million in a Series A round led by Greenoaks and Thrive Capital, valuing the layer-1 network at $5 billion. The financing came less than two months after Stripe unveiled plans for the blockchain, positioned as infrastructure optimized for stablecoins and high-volume, real-world payments.
Rain, a U.S.-based stablecoin infrastructure provider, recently secured $250 million in a Series C round led by Iconiq, valuing the company at $1.95 billion. The raise brought Rain’s total funding to $338 million, with participation from existing investors including Galaxy Digital, Sapphire Ventures, Dragonfly, Lightspeed, Norwest and Endeavor Catalyst.
Stablecoin infrastructure company VelaFi closed a $20 million Series B backed by XVC and Ikuyo, bringing its total funding to more than $40 million.
The stablecoin market has expanded to $308.3 billion from $204.8 billion in January 2025, an increase of about 51%, according to DeFiLlama.
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