Mesta, the global payment platform for fiat and stablecoin, completed its $5.5 million seed fundraising round led by Village Global.
Mesta also received funding from other notable investors, including Circle Ventures, Paxos, Western Technology Investment (WTI), Garuda Ventures, Canonical Crypto, Everywhere Ventures, and Inventum Ventures.
The new capital will be used to improve Mesta’s global payment features, enhance its international team, and increase the pace of global growth.
This announcement further supports Mesta’s hybrid payment method that leverages the security of fiat rails while also taking advantage of the speed and efficiency of stablecoin transactions.
Rapid Growth and Strong Traction
Mesta has grown to be one of the fastest-growing cross-border payment networks since its inception, lasting only 11 months.
It has grown to process over $140 million in total payment volume (TPV) and executed more transactions in the last two months than in the first nine months combined.
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Mesta now processes about $3 million of payments a day, with a projection of more than $300 million in TPV by the end of the year.
Mesta’s Solution to Cross-Border Payment Inefficiencies
Mesta removes the choice and builds a hybrid payment network, which relies on traditional fiat currencies for reliability and compliance, while using stablecoins for faster and lower-cost payments.
Mesta supports fiat currencies, including USD, EUR, GBP, USDC, USDT, USDG, and PYUSD, allowing for real-time conversion into global stablecoins, various fiat currencies, and over 40 local fiat currencies.
Mesta provides faster settlements (usually settled in minutes) by removing reliance on pre-funded pools and outdated systems (such as SWIFT), while also cutting their clients’ fees by more than 50%.
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CEO Vision and Market Timing
As described by Sandeep Pyapali, its founder and Chief Executive Officer (CEO), Mesta’s mission is to rewire the ways in which money moves across the globe: “faster, cheaper and with enterprise-grade accuracy, without sacrificing compliance.”
Pyapali believes that Mesta’s growth is indicative of demand for hybrid fiat-stablecoin rails.
Moreover, with the Genius Act just signed into law and the explosion of stablecoin adoption, the timing is perfect from both a regulatory and market perspective:
Mesta anticipated this trend earlier on, building its solution as a combination of blockchain innovation and regulated fiat corridors, which would position Mesta to become a comprehensive infrastructure provider for the next phase of global money movement.
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Funding Rounds in Web3
Mesta’s funding comes during a busy funding period for blockchain and Web3.
On September 12th, Web3 gaming project RuneSoul raised $4 million in a strategic round led by Bitgo Capital to expand its gaming infrastructure and community, according to UnoCrypto.
Then, on September 18th, we reported that Bio Protocol secured a $6.9 million raise from Maelstrom Fund and Animoca Brands to advance decentralized science (DeSci).
Bio Protocol is developing a model that combines AI, blockchain, and crypto incentives to transform biotechnology research.
These funding rounds illustrate an ongoing appetite for blockchain solutions addressing financial systems and computing solutions.