Mesh Raises $22 Million in Series A Funding To Redefine the Embedded Financial Ecosystem
With over 70 partners and more than 300 integrations with the leading fintech companies, Mesh eyes global expansion for its embedded finance platform
SAN FRANCISCO, Sept. 21, 2023 /PRNewswire/ -- Mesh, the modern financial operating system that makes digital asset transfers and account aggregation seamless, announced today the successful completion of a $22 million Series A funding round. Mesh's mission is to build an open, connected, and secure financial ecosystem in which users have full control over their assets. The new funding will accelerate Mesh's push for broad adoption of its solutions as the company ramps up its core operations and introduces itself to companies and consumers across the globe.
Money Forward, Inc. led the investment with participation from a notable group of new investors including Galaxy and Samsung Next. Existing investors Streamlined Ventures, SNR.VC, Hike VC, Heitner Group, Arash Ferdowsi (the Co-founder of Dropbox), Valon Capital, Matt Ocko (the Founding GP of DCVC), Florida Funders, Altair Capital, Network VC, Gokul Rajaram (Board Member of Coinbase and GP at Firebolt VC), and more also joined the round. The investment brings Mesh's total funding to over $32 million.
Established in 2020 as a consumer-facing platform named Front Finance, the company recently rebranded as Mesh, and over the last year, has flourished as an enterprise-focused financial platform that bridges the gap between digital and traditional financial assets.
"We are witnessing a massive shift in which consumers are demanding complete and transparent control over their assets, and expecting the financial services that they use to give them that control," said Bam Azizi, Co-Founder and CEO of Mesh. "Embedded finance is going to be a $7 trillion market opportunity. Mesh is at the forefront of this transformation for both sides of the marketplace – well-positioned to play a pivotal role in making every digital transaction embedded, secure, and compliant. By doin that, we can enhance the overall user experience for our partners, which ultimately results in greater customer satisfaction and retention for them."
By allowing fintech companies and financial institutions to connect to their users' financial accounts to perform key functionalities like 'write' and 'transfer', Mesh is pioneering an approach that provides consumers with a frictionless experience and enables businesses to offer a significantly better service to their customers.
"Having spent decades in commerce, I've witnessed firsthand the evolution of open finance, and Mesh is several steps ahead of its current challenges," added Sandy Kimura, Money Forward Group Executive Officer, Head of Global Strategy and Money Forward America CEO. "Mesh's product-market fit – combined with the deep experience of their founding team and their vision for a better financial future – was clear from the moment we started exploring a deeper partnership, and we are thrilled to be a part of the company's journey to mass adoption."
Mesh has rapidly gained market traction, inking partnerships with more than 70 companies across finance and digital assets, within a year of becoming a business-focused platform. With a robust library of integrations spanning over 300 platforms, Mesh is on its way to becoming the leading solution for digital assets and open finance.
Building on its momentum, Mesh's near-term focus is enhancing the transactional aspects of its connection layer to further develop use cases like deposits, payments, and payouts.
"Embedded crypto and finance will be a key driver for building the modern financial user experience," said Mike Giampapa, General Partner of Galaxy's Venture team. "Mesh is at the forefront of this trend, enabling the seamless integration of financial products and vast connectivity across asset classes and services. Mesh's infrastructure is poised to become core to the modern financial stack."
Coinciding with the Series A announcement, Mesh is proud to welcome Sandy Kimura and Anil Arora, the Former CEO of Yodlee, to its Board of Directors.
"Mesh is changing the way we transfer, exchange, and store assets in a secure, transparent, and compliant way," remarked incoming Board Member Anil Arora. "I'm thrilled to join Mesh's Board, as they have advanced the embedded finance tech stack and have the leadership and team to pave the way for their long-term success."
For more information about Mesh and its groundbreaking financial solutions, please visit https://www.meshconnect.com/.
Founded in 2020, Mesh's mission is to build an open, connected, and secure financial ecosystem. Mesh is a modern financial operating system that provides enterprise clients with the ability to enable digital asset transfers, crypto payments, account aggregation, and registered securities trading, all within their platform. With integrations to over 300+ platforms, Mesh is creating an embedded financial ecosystem that is more open, connected, and secure for businesses and users alike. To learn more, visit https://www.meshconnect.com/.
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